Zillow: Denver home prices back to 2000 levelsPosted: 05/09/2011 07:03:00 AM MDTUpdated: 05/09/2011 07:03:56 AM MDT
Denver home prices are back to 2000 levels, and one-third of the homes sold for a loss in March, according to Zillow’s first quarter Real Estate News Report.
The report said that negative equity is also at an all-time high in the metro area.
According to the report, Denver metro home values fell 9.6 percent year-over-year and fell 2.7 percent quarter-over-quarter to a Zillow Home Value Index of $192,300.
Nationally, home values fell 8.2 percent year-over-year and fell 3 percent to a Zillow Home Value Index of $169,600.
Home values in the Denver metro area have fallen 17.2 percent since their peak in June 2006 and are now back to the level they were in December 2000.
Nationally, home values have fallen 29.5 percent since their peak in June 2006.
Forty-one percent of all single-family homes with mortgages were underwater in the first quarter in the metro area, compared to 40.7 percent in the fourth-quarter of 2010 and 31.5 percent one year ago, according to the report.
Nationally, the negative equity rate is 28.4 percent.
In the Denver metro area, 34.3 percent of all home sold in March were sold for a loss compared to 30.4 percent on quarter ago and 29 percent in March 2010. Nationally, 37.7 percent of all homes sold for a loss — a new record.
Zillow, a real estate information company, said that given the latest data, it appears that the housing market nationwide will not bottom out before 2012. It said the first quarter home values nationwide match the worst of the housing recession.
If you are thinking about buying a home in Denver now is the time!
Posted on Denver Real Estate-Denver Homes For Sale