Baltimore home values down to '05 levels, Zillow says
Home values in the Baltimore metro area dropped 10 percent last fall to levels last seen in early 2005, according to a newly released report from real estate information site Zillow.
Zillow is relying on its "Zestimates" of home values, which means these are estimates of the value of all homes, not just the recently sold. The company says U.S. home values dropped a bit more than ours -- 11.6 percent.
The more expensive the home, the bigger the drop, according to Zillow: The Baltimore area's "bottom tier" (around $150,000) lost about 6 percent in value, while the top tier dropped 13 percent.
By the numbers, according to Zillow:
--Nearly nine in 10 Baltimore-area homes lost value in the past 12 months
--About 14 percent of metro-area homeowners with mortgages owe more on those mortgages than their homes are worth
--About 8 percent of sales in '08 were foreclosure properties
--Grand total of local home value lost last year: $27 billion
On the up side, Zillow estimates that 96 percent of metro-area homes were worth more at the end of '08 than they were at the start of 2004. (The Baltimore area saw a big jump in values in '04.)
There's a significant margin of error in Zillow's individual Zestimates -- 10 percent plus or minus in the Baltimore area, according to the company. But it believes they're a very accurate measure when compiled together like this for overall statistics.