Report: National home values dropping

Homeowners nationwide are having a hard time selling their home and moving, mainly because home values are dropping across the country.

Some regions of the country have actually had positive growth as of late, while others are still wading through a large inventory of empty homes that are creating a drag on nearby property values, according to Zillow.com's Home Value Index. Overall, national home values experienced a year-over-year decrease of 3.2 percent while also falling 0.6 percent from the previous month. On average, an American home would be valued at $182,500, said the report.

California saw some improvement, with values rising in about 27.8 percent of that state's markets in the past year. That could be a sign that federal and state homebuying tax credits had a positive effect on that state's real estate market, which is welcome news as California works to recover from foreclosure issues. Meanwhile, markets in Florida still struggle to recover home values, primarily because that state has a large overflow of homes.

Homeowners considering a move should speak to a real estate agent and see if now is the best time to sell a home in their market.



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