Southwest Florida Home Values Hit Bottom?

According to a report from Zillow, home values have declined 23.7 percent from a May 2007 peak.  They expect home values to drop another 2 to 4 percent before reaching a bottom in 2012.  Of the 156 metropolitan areas tracked by Zillow, 61 percent saw home values decline on a monthly basis; a quarter saw monthly increases; and 14 percent remained flat.  Only 6 percent saw home values increase on an annual basis.

Seven of those metros also experienced monthly appreciation.  Southwest Florida City, Fort Myers was one of the seven.

Nationally, homes were foreclosed on at a rate of 8.1 per 10,000 in October, a decline from an all-time high of 10/7 per 10,000 in October 2010.  The share of foreclosure resale’s in the market was 19.4 percent.