Home values across the country fell $700 billion in 2011, or 35% less than the $1.1 trillion that was lost in 2010, according to Zillow. The majority of estimated 2011 the losses occurred in the first half.
"While homeowners suffered through another year of steep losses, the good news is that homes are losing value at a substantially slower pace as the market works its way towards the bottom," said Stan Humphries, chief economist at Zillow. "Compared to last year, when we saw sharp declines following the expiration of the homebuyer tax credits, this year we saw some organic improvement in home values, in terms of a slowed depreciation rate, which resulted in a smaller total value loss for the year."
Out of 128 metropolitan statistical areas analyzed in this report, 92% showed home value losses this year, including Los Angeles ($75.5 billion), New York ($44.8 billion), Chicago ($41.7 billion) and Atlanta ($29.6 billion).
