Home values in the United States were essentially unchanged during November, decreasing 0.1 percent compared to October, according to the latest Zillow Real Estate Market Reports. On an annual basis, the Zillow Home Value Index fell 4.6 percent compared to November 2010 to $147,800 and has returned to late 2003 levels.
In Washington, home values were down 8.2 percent statewide to $212,000. Values were off in the Olympia metro area by 7.9 percent to $206,500. In Tacoma, values fell 12.9 percent to $153,300. Meanwhile, foreclosure liquidation rates have fallen steadily nationwide since the robo-signing controversy during late 2010 as banks slowed their processing of foreclosures. In November, 8.1 of every 10,000 U.S. homes were foreclosed.
Liquidations peaked during October 2010 at 11 of every 10,000 homes and could rise again pending the attorneys general settlement, which will give banks more certainty over the foreclosure process, therefore opening the backlog of foreclosures.
“Overall, we are seeing encouraging signs in housing data such as sequential months of slowing depreciation rates, stabilizing markets and organic improvement in value trends, largely in the absence of government policy intervention,” said Zillow Chief Economist Dr. Stan Humphries. “However, we’re not out of the woods yet. Supply and demand are still not in balance in many markets and we do expect higher foreclosure liquidation rates near-term, which will put additional downward pressure on home values.”