Where Home Prices Have Dropped the Most

California cities have seen their home values drop by the largest percentage in the last five years, with some metro areas posting losses of up to 67 percent in that time period. California cities occupied six of the top 10 metro areas with the largest drops, according to a recent Zillow study based on its home-value estimates and Zillow Home Value Index. 

Overall, "there will be many ups and downs in home values before this is over, and we continue to expect a true bottom in 2012, at the earliest,” says Stan Humphries, Zillow’s chief economist. “There are still hazards in the form of a full foreclosure pipeline, high negative equity, and fluctuations in demand."

The following are seven cities that have seen home values drop the most since the housing boom, according to Zillow: 

1. Merced, Calif.

July 2011 Zillow Home Value Index: $106,514

Zillow Home Value Index 5 Years ago: $328,813

Value difference (by percent): -67.6%


2. Modesto, Calif.

July 2011 ZHVI: $128,777

ZHVI 5 Years Ago: $352,599

Value difference: -63.5%


3. Stockton, Calif.

July 2011 ZHVI: $150,061

ZHVI 5 Years Ago: $404,036

Value difference: -62.9%


4. Las Vegas

July 2011 ZHVI: $117,084

ZHVI 5 Years Ago: $303,656

Value difference: -61.4%


5. Vallejo, Calif.

July 2011 ZHVI: $190,521

ZHVI 5 Years Ago: $468,071

Value difference: -59.3%


6. Salinas, Calif.

July 2011 ZHVI: $282,289

ZHVI 5 Years Ago: $664,404

Value difference: -57.5%


7. Daytona Beach, Fla.

July 2011 ZHVI: $95,193

ZHVI 5 Years Ago: $220,436

Value difference: -56.8%

See what other cities made it in the top 10 list. 

Source: “Five Years After Housing Market Peak, Bumpy Road Toward Stabilization Underway As Home Values Show Recent Rise in Many Markets,” Zillow (Aug. 9, 2011) and 10 Real Estate Markets With the Largest 5-Year Drop in Home Values,” Inman News (Sept. 8, 2011)

Read More

Zillow: Market to Reach Bottom Possibly by 2012

About Ady Simion (Realtor and Public Notary)

Ady Simion was named in the Top 1% of all agents for NRT LLC a subsidiary of Realogy that operates a variety of real estate offices under brands such as Coldwell Banker, Sotheby's International Realty, Century 21, The Corcoran Group, and the technology-based brokerages ZipRealty and Climb Real Estate. NRT has 787 offices and 47,000 sales associates. Selling and buying property can be very stressful but with the right agent it can be profitable and a fun experience. Ady is also a Notary Public and being a people person he wants to help negotiate for his clients making their transactions as smooth as possible. Ady’s goals are simple: He wants to be the best source of information on the Los Angeles area Real Estate market, as he assists clients through each transaction with care and professionalism. He is proud of his large referral base of clients who have placed their trust in him over the years. Why him, when there are so many good people out there?!?! • Sellers will have their property exposed to the largest team of sales professionals in the world by far. Coldwell Banker Agents sale more homes than anyone else. • Buyers will have the opportunity to view more properties exclusively. • And most importantly when you hire him you get a whole team working for you not just “only one person”. Ady Simion started his Professional Career as an Insurance Agent, and then mastered the Mortgage Industry focusing on helping buyers and sellers achieve their life dreams. He now is an Agent with the Largest Residential Real Estate Company in the nation and the world, Coldwell Banker, at the Pasadena office which is the leader in the areas in which he specializes. After finishing College Ady has consistently been a Top Producer in every office/business he worked at. He speaks English, Romanian and Spanish. Real Estate is constantly changing and working with an agent that has been involved in the Real Estate buying/selling process most of his life is always beneficial for clients. Call, text or e-mail him or just stop by to say Hi and ask any real estate questions you may have.

Posted on September 9, 2011, in Uncategorized. Bookmark the permalink. Leave a comment.

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