Bay Area homeowners received some unwelcome news today when real estate site Zillow posted their data on fourth-quarter home values across the country during which values significantly fell. According to the SF Chronicle, “the accelerated declines are likely to bring the real estate market to a bottom later this year”.

However, there may be a light at the end of the tunnel. Hitting rock bottom means a incline in the near future. I guess that’s one way of looking at it.

The Chron reports that, “For the nine-county Bay Area, Zillow shows a median home value in the fourth quarter of $463,246, down 3.6 percent compared with a year earlier, and down 31.8 percent from a peak of $679,159 in April 2006.”

For the full article, go here.

Photo credit: http://blogs.pcworld.com

• Tag: decline, economy, housing, Real Estate