America’s Biggest Double-Dip Real Estate Markets

Photo: Getty Images || Source: zillow.com In its quarterly report on home values, real estate website Zillow.compainted a bleak picture for the U.S. housing market, with negative equity hitting a new high and with home values showing signs of a double dip. Using the Zillow Home Value Index (ZHVI) as a barometer, the company reported that home values fell faster in the first quarter of 2011 than in any quarter since 2008, falling 3 percent from the previous quarter and 8.2 percent year over year. In addition, foreclosures were on the rise in the quarter due to banks lifting moratoriums on foreclosures. As a result, Zillow expects home values to bottom in 2012, at the earliest. Although the national trend in home values is evident, local housing markets tend to vary dramatically, with several already showing a double dip in home prices. To get an idea of which local markets are seeing the biggest double dips, Zillow analyzed data for CNBC.com i n 158 metro areas to identify the cities where home values have seen the biggest recent run-ups before falling below their previous bottoms. Cities are ranked here based upon the magnitude of the metro area’s run-up in home prices, with each experiencing at least seven months of consecutive home price declines. So, which U.S. metro areas have seen the biggest double-dip in home prices? Click ahead for the list. By Paul ToscanoPosted 16 May 2011

Photo: Jim Wark | Lonely Planet Images | Getty Images || Source: zillow.com Pre-dip run-up: 4.3% Fall since last peak: -9.6% Compared to pre-run-up low: -5.7% Prices falling since: May 2010 Run-up length: 14 months ZHVI High: $212,870 ZHVI Low: $192,341

Photo: Denis Tangney Jr. | Photodisc | Getty Images || Source: zillow.com Pre-dip run-up: 4.4%Fall since last peak: -10.4% Compared to pre-run-up low: -6.4% Prices falling since: August 2009 Run-up length: 6 months ZHVI High: $197,151 ZHVI Low: $176,705

Photo: iStock || Source: zillow.com Pre-dip run-up: 4.6% Fall since last peak: -6.0% Compared to pre-run-up low: -1.7% Prices falling since: August 2010 Run-up length: 11 Months ZHVI High: $111,851 ZHVI Low: $105,110

Photo: Panoramic Images | Getty Images || Source: zillow.com Pre-dip run-up: 5.0% Fall since last peak: -9.9% Compared to pre-run-up low: -5.5% Prices falling since: February 2010 Run-up length: 10 months ZHVI High: $124,538 ZHVI Low: $112,173

Photo: MoMo Productions | The Image Bank | Getty Images || Source: zillow.com Pre-dip run-up: 5.0% Fall since last peak: -14.0% Compared to pre-run-up low: -9.7% Prices falling since: September 2009 Run-up length: 7 months ZHVI High: $132,342 ZHVI Low: $113,774

Photo: Rebecca Emery | The Image Bank | Getty Images || Source: zillow.com Pre-dip run-up: 5.2% Fall since last peak: -8.1% Compared to pre-run-up low: -3.3% Prices falling since: May 2010 Run-up length: 13 months ZHVI High: $420,466 ZHVI Low: $386,449

Photo: Getty Images || Source: zillow.com Pre-dip run-up: 5.4% Fall since last peak: -7.5% Compared to pre-run-up low: -2.6% Prices falling since: May 2010 Run-up length: 14 months ZHVI High: $416,181 ZHVI Low: $384,541

Photo: Jumper | Photodisc | Getty Images || Source: zillow.com Pre-dip run-up: 5.5% Fall since last peak: -10.6% Compared to pre-run-up low: -5.7% Prices falling since: May 2010 Run-up length: 14 months ZHVI High: $522,099 ZHVI Low: $466,972

Photo: Eddie Brady | Lonely Planet Images | Getty Images || Source: zillow.com Pre-dip run-up: 6.1% Fall since last peak: -10.5% Compared to pre-run-up low: -5.0% Prices falling since: July 2009 Run-up length: 5 months ZHVI High: $528,527 ZHVI Low: $472,588

Photo: Denis Tangney Jr. | Photodisc | Getty Images || Source: zillow.com Pre-dip run-up: 6.3% Fall since last peak: -13.6% Compared to pre-run-up low: -8.2% Prices falling since: September 2009 Run-up length: 6 months ZHVI High: $213,633 ZHVI Low: $191,041

Photo: Witold Skrypczak | Lonely Planet Images | Getty Images || Source: zillow.com Pre-dip run-up: 6.6% Fall since last peak: -6.7% Compared to pre-run-up low: -0.6% Prices falling since: July 2010 Run-up length: 15 months ZHVI High: $341,830 ZHVI Low: $293,775

Photo: S. Greg Panosian | iStock Exclusive | Getty Images || Source: zillow.com Pre-dip run-up: 6.6% Fall since last peak: -6.7% Compared to pre-run-up low: -0.5% Prices falling since: June 2010 Run-up length: 15 months ZHVI High: $372,230 ZHVI Low: $347,472

Photo: Hisham F. Ibrahim | Photographer's Choice RF | Getty Images || Source: zillow.com Pre-dip run-up: 6.7% Fall since last peak: -6.8% Compared to pre-run-up low: -0.6% Prices falling since: June 2010 Run-up length: 16 months ZHVI High: $328,282 ZHVI Low: $305,831

Photo: schwnj || Source: zillow.com Pre-dip run-up: 7.8% Fall since last peak: -9.9% Compared to pre-run-up low: -2.8% Prices falling since: August 2009 Run-up length: 6 months ZHVI High: $143,322 ZHVI Low: $131,418

Photo by: David William Reed || Source: zillow.com Pre-dip run-up: 10.6% Fall since last peak: -18.8% Compared to pre-run-up low: -10.1% Prices falling since: July 2010 Run-up length: 7 months ZHVI High: $133,944 ZHVI Low: $108,801

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