Zillow: Home Values Off Nearly 10% From '07

Home values fell 1.7% in the second quarter, dropping to a level 9.9% below that of a year earlier and posting the largest year-over-year decline in the past 12 years, according to Zillow.com, an online real estate community based in Seattle. Zillow's quarterly national home value report found that median home values stood at a Zillow Home Value Index level of $206,919, the lowest since the fourth quarter of 2004. The company also reported that 29.1% of homeowners who purchased their home since early 2003 have negative equity, owing more than the home is now worth. "The second quarter is the sixth consecutive quarter of home value declines, and we see little promise of turnaround in the short term, as the rates of decline have yet to slow and, in fact, actually accelerated in many markets," said Stan Humphries, Zillow's vice president of data and analytics. Zillow can be found online at http://www.zillow.com.