The team over at Zillow Real Estate Research has just published its first quarter research numbers showing some dismal numbers for the housing market.
"Home values fell three percent in the first quarter of this year, marking a pace of decline not seen since 2008 when the housing recession was at its worst," the group says. "Home values fell one percent between February and March and 8.2 percent from March 2010. The cumulative decline in home values since the market peak is now 29.5 percent (see Figures 1 and 2)."
Those figures are below:
Business Insider highlights some other points from the report:
- Nearly 75% of homes in the US lost value from Q1 2010 to Q1 2011. That's up from 69% the quarter before.
- Negative equity hit a brand new high of 28.4%.
- Foreclosure re-sales hit a brand new high, representing 23.7%.
- Meanwhile, the supply of distressed home continues to be massive. 2 million homes are in the foreclosure process, with another 1.5 million seriously delinquent.