Home Prices Slip Again

home prices fall
home prices fall

Almost five years after home prices peaked, they're still moving in the wrong direction.

Home values fell 3 percent during the first three months of this year, for the biggest quarterly drop since 2008, according to a new report from data provider Zillow. Even as the stock market climbs to three-year highs, and as payrolls tentatively expand, housing continues to fall in almost every U.S. metro area. Prices won't find a bottom until 2012 at the soonest, Zillow predicts, meaning American homeowners could be in for at least another year of pain.

"Home value declines are currently equal to those we experienced during the darkest days of the housing recession," Zillow chief economist Stan Humphries said in a statement. "With accelerating declines during the first quarter, it is unreasonable to expect home values to return to stability by the end of 2011."

Read the full story at The Huffington Post.

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