While overall, high-priced homes have seen their values fall by a larger percentage than lower-valued homes, that's not the case in all markets, according to a recent analysis of home value trends by Zillow.com.
The online real estate value provider Zillow.com broke down data from its quarterly home value report by five different price brackets, with homes valued at more than $460,000 forming the top quintile.
While overall, home values were down 7.5% in the top quintile on a year-over-year basis, Zillow said that in some markets, high-cost homes are actually holding onto their values better than more modestly priced homes. Markets where the high-end of the housing spectrum is holding its own include San Francisco, Washington, Los Angeles and New York.
That's not to say high-priced homeowners in those markets aren't seeing value declines. It just means that homes in more modestly priced buckets are falling more.
"At the national level, the pattern we're seeing may be due to the fact that many higher-priced homes can be found in many of the metro regions hit hardest by steep value declines, which is supported when looking deeper at the local level. In some markets like San Francisco and New York, higher-priced homes have actually performed better.
Zillow.com is a popular, advertising supported website that allows people to get estimated home values and sale price records free of charge. (c) 2008 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com/ http://www.sourcemedia.com/