Number of homeowners under water amounted to 28.4% of single-family homeowners
NEW YORK — U.S. home values fell in the first quarter at the fastest rate since late 2008, real estate data firm Zillow Inc said Monday, suggesting that a bottom will not be seen until 2012 at the earliest.
Zillow said its home value index fell 3 percent in the first three months of the year from the previous quarter, and was down 8.2 percent year-over-year.
The number of homeowners under water -- or, those who owe more on the mortgage than their house is currently worth -- amounted to 28.4 percent of single-family homeowners, representing a peak since Zillow began calculating the data in 2009.
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