Good news for at least 30 of the 163 metropolitan statistical areas (MSAs) covered in the Zillow Real Estate Market Reports as the areas showed gains in median value of all homes in the area. The best performing metropolitan area was Jacksonville, N.C., where home values rose 4.9% year-over-year to $139,261 in the first three quarters of the year. Winston-Salem, N.C., also registered a gain, of 4.1% to $136,854. Anderson, S.C., prices climbed 3.5% to $101,816 and State College, Pa., went up by 3.4% to $206,995.
In addition, some markets-particularly those hit hardest in the downturn-showed smaller year-over-year declines than in the prior quarter. 'Our optimism here, though, must be tempered by the knowledge that the larger economic problems that emerged in the fourth quarter will likely further challenge the real estate market,' says Dr. Stan Humphries, Zillow's vice president of data and analytics.
Overall, news wasn't so good. According to Zillow market reports, U.S. homes are set to lose well over $2 trillion in value during 2008. Home values declined 8.4 percent year-over-year during the first three quarters of this year, compared to the same period in 2007. 'This year marked the acceleration of the market correction, and is likely to end with the eight"
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