Twin Cities home values fell 15 percent in the first quarter from a year earlier to a median of $159,000. That’s according to a Zillow report released today predicting that the housing market will bottom out next year at the earliest.
The Twin Cities first-quarter value fell more steeply than the nation overall. Nationally, home values fell 8 percent to $169,900 versus the year-ago period. The Zillow Home Value Index measures the value of all homes, not just those that sold in a particular period.
With substantial home value declines, as well as increasing negative equity and foreclosures, the online real estate evaluator Zillow now predicts the housing market won’t bottom out this year.
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