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Home Values Continued Their Drop in December

In fourth quarter of 2011, we witnessed yet another drop in house values.  According to Zillow the home prices fell 1.1% from the previous quarter. This obviously sugests that the housing market has yet to reach its bottom.

Home values actually fell a much bigger percentage (4.7%) for all of last year and are projected to move downward in 2012.  However, the value drops forecasted for 2012 are not as deep as those that were experienced in 2011. Moreover, many key markets will likely reach their bottom before the end of this year.

The projection is another 3.7% decline in home values in 2012, with major markets of California & Arizona nearing bottom as investors start taking interest in the falling prices and low interest rates in order to buy homes in those states.

The following markets expected to no significant home price increases this year include Miami, Fort Lauderdale, and Tampa Bay in Florida, Denver, Dallas, New York, San Diego, Pittsburgh  and San Francisco.

The foreclosure rate actually went up slightly in December 2011, with 8.2 out of every ten thousand homes ending up in foreclosure, up from just eight homes out of every 10,000 homes in the earlier month.

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