According to the Wall Street Journal "Home values posted the largest decline in the first quarter since late 2008, prompting many economists to push back their estimates of when the housing market will hit a bottom."
During the first quarter according to data from Zillow, home values fell 3% in the first quarter from the previous quarter and 1.1% in March from the prior month. The primary reasons for this were the oversupply of inventory and the large amount of foreclosed properties. Fannie Mae and Freddie Mac during the first quarter sold more than 94,000 foreclosed homes during the first quarter. This represents a 23% increase over the previous quarter.
There had been appreciation of property values here in San Francisco, Los Angeles, and San Diego, but recently they have declined again resulting in a double dip.
During the first quarter according to data from Zillow, home values fell 3% in the first quarter from the previous quarter and 1.1% in March from the prior month. The primary reasons for this were the oversupply of inventory and the large amount of foreclosed properties. Fannie Mae and Freddie Mac during the first quarter sold more than 94,000 foreclosed homes during the first quarter. This represents a 23% increase over the previous quarter.
There had been appreciation of property values here in San Francisco, Los Angeles, and San Diego, but recently they have declined again resulting in a double dip.
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