Home values declined 4.3 percent year-over-year in the third quarter and 1.2 percent compared with the second quarter to $179,900, according to the Zillow Home Value Index.
Nearly 25 percent of single-family homeowners with mortgages were underwater on their mortgage in the third quarter – the highest level since Zillow began tracking negative equity in 2009.
In quarter-to-quarter comparisons, home values declined in 77 percent of markets covered in Zillow's report. In five of those markets -- the California MSAs of Los Angeles, San Diego, San Francisco, San Jose and Ventura -- home values began to fall again after five consecutive quarters of increases.
Source: Zillow
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