America’s Biggest Double-Dip Real Estate Markets

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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