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America’s Biggest Double-Dip Real Estate Markets

Double-Dip Real Estate Markets
In its quarterly report on home values, real estate website painted 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
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 Toscano
Posted 16 May 2011

15. Denver, Colorado
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: 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

14. Springfield, Massachusetts
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: 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

13. Merced, California
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: 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

12. Punta Gorda, Florida
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: 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

11. Greensboro, North Carolina
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: 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

10. Los Angeles, California
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: 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

9. Ventura, California
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: 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

8. San Francisco, California
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: 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

7. Santa Cruz, California
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: 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

6. Worcester, Massachusetts
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: 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

5. Salinas, California
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: 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

4. San Diego, California
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: 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

3. Boston, Massachusetts
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: 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

2. Green Bay, Wisconsin
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: 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

1. Gainesville, Georgia
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
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