Home values reach new low in 13 metro areas

Now may be the time to hire a moving company, as U.S. home prices fell by 5.8 percent over the last three months, according to a Clear Capital home market report.

Although the rate of decline has slowed, the company reported that as of now home prices still show no sign of bottoming out. Thirteen of the 50 major metro markets included in the study have double-dipped, meaning that recent prices are at their lowest points since the housing collapse began.

The Charlotte, Las Vegas, Nashville, Philadelphia, Portland, Seattle, and Tuscon markets all reached new lows, along with both Virginia Beach and Richmond in Virginia and Miami, Orlando, Jacksonville and Tampa in Florida, which are the top four markets in the Sunshine State.

"Nationally, prices are six percent above double dip territory, but are down eight percent since the momentum from the tax credit ended,” said Alex Villacorta, a senior statistician at Clear Capital.

Some markets maintained their positive price growth. Home prices in Washington D.C. were 15 percent above last year's levels, while Honolulu also saw an almost seven percent increase, indicating those cities are good relocation options for people interested in homes that will sustain their value.

A recent Zillow.com study found that home values nationwide are expected to decrease by more than $1.7 billion in 2010.
 

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