Home values dropped by 11.6% in the fourth quarter compared with a year before, as homeowners lost $1.4 trillion in value. The Zillow Home Value Index, which measures prices in 161 metro areas (Baton Rouge is not included), says the average home value in the fourth quarter was $192,119. Modesto, Calif., reported a 33.4% drop in quarterly home values, plunging to $168,528. That’s nearly 55% lower than when the housing market was at its peak a couple of years ago. The only Louisiana city measured by Zillow is New Orleans, which reported a 3.8% drop in home values over fourth quarter 2007, to $150,000. Only 21 of the markets measured didn’t show a drop in home values, with Fayetteville, N.C., leading the way with a 6.9% increase. See the report here.
National home values drop 11.6% in 4Q
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