Home values in the Boston Area fell 2.8 percent in the second quarter of 2011 compared to Q2 2010, a small drop compared to the national average, Banker & Tradesman reported August 9, 2011.
According to a Zillow.com report, nationally home values dropped 6.2 percent year-over-year (from Q2 2010 to Q2 2011), and have fallen 28.8 percent from the peak of home values in June, 2006. Boston values on the other hand have only dropped 20.6 percent since the peak in 2006, and have actually increased 2.1 percent from the first quarter of this year.
The Zillow report also noted that 11.8 percent of Boston Area homeowners are underwater on their mortgages, meaning their homes are worth less than they owe on their mortgage. Nationally, that number is about 26.8 percent.