Home values see biggest drop since 2008 – Business – Personal finance – Real estate

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Home values see biggest drop since 2008 – Business – Personal finance – Real estate

U.S. home values fell in the first quarter at the fastest rate since late 2008, real estate data firm Zillow Inc said Monday, suggesting that a bottom will not be seen until 2012 at the earliest. Zillow said its home value index fell 3 percent in the first three months of the year from the previous quarter, and was down 8.2 percent year-over-year. The number of homeowners under water — or, those who owe more on the mortgage than their house is currently worth — amounted to 28.4 percent of single-family homeowners, representing a peak since Zillow began calculating the data in 2009.

What you have to keep in mind when looking at National home prices are the local prices in your own area. Mission Viejo home sales continue to be strong and values can be tracked in a number of ways. For home sales figures, you need to know the type of home, neighborhood, most importantly, the condition of the home. If there is deferred maintenance or damage to the home, the sales price will reflect this. This makes it difficult to translate sales averages to individual home values in Mission Viejo. If you want to know the current value of your home in Mission Viejo today, compare it to recent closed sales and adjust for condition and location.

Posted on Mission Viejo Real Estate-Mission Viejo Homes For Sale

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