NEWS

Fort Collins home prices remain stable

Date: Nov. 11th, 2009

Fort Collins home values have remained relatively stable compared with Denver and the nation, according to a third quarter report by Zillow.com.

This week, Zillow.com, an online real-estate marketplace, released its third-quarter Real Estate Market Reports, which cover the nation and 156 metro areas, including Fort Collins and Loveland.

The report shows negative equity fell in the third quarter, home values showed short-term stabilization and impending foreclosures were expected to increase.

Fort Collins' average home values, as of September, were $222,100, a 4.1 percent increase above last year, according to the report.

Denver's home values for September are listed at $213,300, down 1.6 percent compared with last year. And nationwide, home values are at $190,400, down 6.9 percent compared with the same time last year, according to Zillow.com

It is the 11th consecutive quarter of declines since the market peaked in the second quarter of 2006, according to the Zillow Home Value Index.

According to the report, nationwide, 21 percent of all owners of single-family homes with mortgages were underwater at the end of the third quarter, compared to 23 percent at the end of the second quarter.

However, national home values remained relatively flat from the second to the third quarter.

The Zillow Home Value Index measures the value of all homes, not just those that sold in a particular period. At the same time, home values increased in 24 of 156 metropolitan statistical areas, or MSAs, and remained flat in an additional 16, according to the report.

Foreclosure resalesremained high, making up more than 21 percent of all U.S. home sales in September. Additionally, 26.9 percent of home sales nationwide sold for less than what the seller originally paid.

"The decline in the percentage of homeowners with negative equity is a positive sign, and is directly attributable to the stabilization of home values from the second quarter to the third," Zillow Chief Economist Stan Humphries wrote in a prepared statement. "It is also attributable to many homeowners who were previously underwater on their mortgage losing their homes to foreclosure."