Home values nationwide declined at a faster pace in the first quarter of 2011 than in any quarter since 2008, when the housing market experienced its worst performance, according to Zillow's first quarter Home Value Index. The Index decreased 3 percent in the first quarter compared with the fourth quarter of 2010, and declined 8.2 percent year-over-year to $169,600. Home values have declined 29.5 percent since they peaked in June 2006.
Negative equity reached a new high mark with 28.4 percent of single-family homeowners with mortgages underwater at the end of the first quarter, up from 27 percent in the fourth quarter of 2010.
Foreclosures also increased in the first quarter, as banks unfroze moratoriums and allowed foreclosures to resume. Foreclosures had fallen in late 2010 due to the slew of moratoriums brought about by the "robo-signing" controversy. In March, one out of every 1,000 homes in the country was lost to foreclosure.
Source: Zillow
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