Home Value Declines Accelerate in January
Home Value Declines Accelerate in January
Home Value Declines Accelerate in January
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March 9, 2011 (Jeff Alan)
mortgage-sinking-value-image
Home values declined at an accelerated pace in January according to Zillow’s Home Value Index for January. Monthly home values declined 1.2 percent in January with annual depreciation hitting 7.3% percent. The rate of monthly depreciation is the highest seen since December 2008. The median home value in January was $172,182, down 28.2 percent from the peak in June 2006.

Out of 131 metropolitan regions Zillow surveys, 124 of the regions experienced year-over-year price declines, four regions saw increases, and three areas were flat from year ago levels.

The regions experiencing the largest annual declines in home values included Ocala, Florida; Pueblo, Colorado; Mobile, Alabama; Flagstaff, Arizona; Atlanta, Georgia; Spokane, Washington; and Detroit, Michigan.

The survey also reports that foreclosure liquidations remained steady at 0.91 percent, down from the peak of 0.13 percent in October.

Zillow attributes the recent declines in foreclosure liquidations to delays and the lengthened processing times due to the “robo-signing” controversy and was not sure at this time if the new lower level might be a more permanent peak if mortgage servicers were to maintain a slower overall foreclosure process or if it was a transitory low point because of the moratoriums the banks imposed on themselves temporarily to correct paperwork processing problems and if so, once the problems are fixed, they expect the foreclosure liquidation rates to rise upward again.

At this time, Zillow expects home prices to stabilize and bottom out sometime later this year given the current economic forecasts. However, further price reductions may be seen if foreclosure rates continue to be elevated and are not offset by higher demand resulting from declining unemployment and a higher post-recession household formation rate.

To see how your metropolitan area fared, click here.

Tags: Zillow, home value index, home depreciation, declining home values, foreclosure liquidations, economic forecasts, unemployment

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March 9, 2011 (Jeff Alan)
mortgage-sinking-value-image
Home values declined at an accelerated pace in January according to Zillow’s Home Value Index for January. Monthly home values declined 1.2 percent in January with annual depreciation hitting 7.3% percent. The rate of monthly depreciation is the highest seen since December 2008. The median home value in January was $172,182, down 28.2 percent from the peak in June 2006.

Out of 131 metropolitan regions Zillow surveys, 124 of the regions experienced year-over-year price declines, four regions saw increases, and three areas were flat from year ago levels.

The regions experiencing the largest annual declines in home values included Ocala, Florida; Pueblo, Colorado; Mobile, Alabama; Flagstaff, Arizona; Atlanta, Georgia; Spokane, Washington; and Detroit, Michigan.

The survey also reports that foreclosure liquidations remained steady at 0.91 percent, down from the peak of 0.13 percent in October.

Zillow attributes the recent declines in foreclosure liquidations to delays and the lengthened processing times due to the “robo-signing” controversy and was not sure at this time if the new lower level might be a more permanent peak if mortgage servicers were to maintain a slower overall foreclosure process or if it was a transitory low point because of the moratoriums the banks imposed on themselves temporarily to correct paperwork processing problems and if so, once the problems are fixed, they expect the foreclosure liquidation rates to rise upward again.

At this time, Zillow expects home prices to stabilize and bottom out sometime later this year given the current economic forecasts. However, further price reductions may be seen if foreclosure rates continue to be elevated and are not offset by higher demand resulting from declining unemployment and a higher post-recession household formation rate.

To see how your metropolitan area fared, click here.

Tags: Zillow, home value index, home depreciation, declining home values, foreclosure liquidations, economic forecasts, unemployment

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools

March 9, 2011 (Jeff Alan)
mortgage-sinking-value-image
Home values declined at an accelerated pace in January according to Zillow’s Home Value Index for January. Monthly home values declined 1.2 percent in January with annual depreciation hitting 7.3% percent. The rate of monthly depreciation is the highest seen since December 2008. The median home value in January was $172,182, down 28.2 percent from the peak in June 2006.

Out of 131 metropolitan regions Zillow surveys, 124 of the regions experienced year-over-year price declines, four regions saw increases, and three areas were flat from year ago levels.

The regions experiencing the largest annual declines in home values included Ocala, Florida; Pueblo, Colorado; Mobile, Alabama; Flagstaff, Arizona; Atlanta, Georgia; Spokane, Washington; and Detroit, Michigan.

The survey also reports that foreclosure liquidations remained steady at 0.91 percent, down from the peak of 0.13 percent in October.

Zillow attributes the recent declines in foreclosure liquidations to delays and the lengthened processing times due to the “robo-signing” controversy and was not sure at this time if the new lower level might be a more permanent peak if mortgage servicers were to maintain a slower overall foreclosure process or if it was a transitory low point because of the moratoriums the banks imposed on themselves temporarily to correct paperwork processing problems and if so, once the problems are fixed, they expect the foreclosure liquidation rates to rise upward again.

At this time, Zillow expects home prices to stabilize and bottom out sometime later this year given the current economic forecasts. However, further price reductions may be seen if foreclosure rates continue to be elevated and are not offset by higher demand resulting from declining unemployment and a higher post-recession household formation rate.

To see how your metropolitan area fared, click here.

Tags: Zillow, home value index, home depreciation, declining home values, foreclosure liquidations, economic forecasts, unemployment

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.