St Louis Mortgage and Real Estate News –
St Louis Mortgage Broker and Consumer Lending News: Home Values Fall Again
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Real estate data firm 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 underwater amounted to 28.4 percent of single-family homeowners, representing a peak since Zillow began calculating the data in 2009.
That was up from 27 percent in the fourth quarter of last year.
National and St Louis foreclosures also rose, following the moratoriums that had been in place in late 2010 but then resumed.
In March 2011, one out of every 1,000 homes was in foreclosure.
Given all those factors, it is unlikely home values will reach a bottom this year, Zillow said, and the firm pushed its forecast out to 2012.
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