Zillow: Home Values Off 3.5% in 4Q

Home values continued to decline in the fourth quarter, falling 3.5% on a quarterly basis and 3.0% on a year-over-year basis, according to Zillow.com, an online real estate community based in Seattle. Zillow's quarterly home value report, which has been expanded to cover 125 metropolitan areas, found that home values stood at a Zindex home value indicator of $224,890, representing the median estimated valuation of all homes in an area. "With consecutive declines over the past five quarters, we haven't seen the housing market bottom yet, and it may very well get worse before things get better," said Stan Humphries, Zillow's vice president of data and analytics. "Even many markets that have been largely insulated from recent declines, like some in the Pacific Northwest, reported notable value declines in the fourth quarter." Zillow can be found online at http://www.zillow.com.