Feeling Homesick: Report Shows Home Values Dropping
38 percent of homes sold did so at loss
By JIM IOVINO
Updated 12:40 PM EDT, Wed, Nov 12, 2008
Home values in the Washington metropolitan area fell 14 percent in the past year and 38 percent of homes that sold did so at a loss, according to a new report by real estate Web site Zillow.com.
The drop was more than the national decline of 9.7 percent.
Zillow.com's third-quarter data shows the home value index of homes in the Washington-Arlington-Alexandria area at $354,069.
The five-year annualized home value change for D.C. is 4.2 percent, but home values have fallen 20.4 percent since 2006, which was the peak of the market, according to Zillow.com. The report showed that 90.6 percent of all homes in the region have lost value in the past 12 months and that about 24 percent of all homes sold were foreclosures.
To read the full Zillow.com report, click here.
First Published: Nov 12, 2008 12:02 PM EDT
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