U.S. home values continued to fall in October, but at a rate that has stabilized as the market heads toward a bottom, according to a report from property valuation site Zillow.
Nationally, home values dipped 0.3 percent in October from September, and declined 5.1 percent from October 2010, to $147,900.
“The rate of monthly depreciation has stabilized around -0.2 percent to -0.3 percent over the last few months, an improvement compared to the fall of last year, when rates reached more than 0.8 percent monthly depreciation,” the report said.
Home values have declined 23.7 percent from a May 2007 peak. Zillow said it expects home values to drop another 2 to 4 percent before reaching a bottom in 2012.