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BLOOMBERG NEWS / MATTHEW STAVER
ONLY 31 PERCENT of homes in the Northeast were worth more in the third quarter of this year than they were a year earlier, according to Zillow.com.
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PROVIDENCE – Nearly 70 percent of homes in the Northeast saw their values decline or stay the same during the third quarter compared with a year earlier, according to real-estate tracking firm Zillow.com.
Zillow said 61 percent of homes in the region decreased in value in the third quarter compared with the same period in 2008. Another 8 percent of homes saw their values remain steady, while 31 percent of homes fell in value.
Zillow defines the Northeast as Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, Washington, D.C., and West Virginia.
Nationally, 72 percent of homes fell in value, 6 percent stayed steady and 22 percent rose in value.
A survey by Zillow found most homeowners are optimistic the value of their homes will not decline over the next six months. In the Northeast, 40 percent of respondents predicted the value of their homes would increase, while 44 percent anticipated no change.
Nationwide, 41 percent of those surveyed expected their home values would increase, while 43 percent predicted they would stay the same.
Zillow.com is a Seattle-based online real estate that conducts surveys with Harris Interactive. Additional information is available at Zillow.com.