Author: Mortgage News - TheMortgageWire
Midsize and large homes are showing steeper declines in value over the past year than smaller single-family residences, according to Zillow.com, an online real estate community based in Seattle. Zillow's quarterly national home value report found that home values fell only 0.1% in the second quarter and were 2.8% lower than in the second quarter of 2006.
But midsize and large homes lost value on a year-over-year basis at the rate of 3.1% and 2.8%, respectively, while small homes fell only 1.0%. "The U.S. real estate market still appears quite anemic, at best, with many markets still doing poorly, especially those in South Florida and Southern California," said Stan Humphries, Zillow's vice president of data and analytics.
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"The one ray of home this period is that we've not seen another quarter-over-quarter decline as we've experienced in the past two quarters. The significantly poorer performance of condos and larger single-family homes suggests that prices for these housing sectors are still not in accord with current demand."
Zillow can be found online at http://www.zillow.com.
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