Home Values See the Sharpest Decline Since 2009

According to Zillow.com’s fourth quarter Real Estate Market Reports, home values fell 2.6%, the sharpest decline since 2009.  This decline was driven by rising foreclosures, as well as the end of the federal homebuying tax credit, which provided a temporary boost to the housing market. About 1% of homes were liquidated in foreclosure in the last month of 2009, with an increase expected to be reported for the first quarter of 2011.

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