Zillow released a report today showing thier calculations of quarter and yearly drop in home values for different regions.
Merced, CA was the highest with a 28.6% drop vs. last year at this time. Stockton-Lodi, Calif., was next on the list with a 24.8 percent year-over-year Zindex drop in the third quarter, followed by Naples, Fla., down 22.3 percent; Fort Pierce-Port St. Lucie, Fla., down 21.3 percent; and Santa Barbara-Santa Maria-Lompoc, Calif., and Punta Gorda, Fla., down 20.1 percent.
To my surprise, the San Luis Obispo – Atascadero – Paso Robles area showed a 3.1% drop. I’m not sure how they calculated this since the details show that single family homes dropped between 4.2-7.6% and condos lost 10.1-12.4% in value, but when they put them all together, somehow it was a drop of 3.1%.
Individual city year-to-year Zindex home values were reported as follows:
Arroyo Grande -5.2%
Grover Beach -4.7%
Los Osos -10.3%
Morro Bay – 7.2%
Paso Robles -5.6%
Pismo Beach -4.2%
San Luis Obispo -7.5%