The number of homes that have recorded yearly declines in value of at least 2% has risen sharply, according to Weiss Residential Research.
In 10 of the largest U.S. markets, the number of homes in this category, through June 30, rose to 24% of all homes from 6%, compared to a year earlier. In New York, Washington, D.C., and Chicago, at least 33% of all homes have lost at least 2% of their value.
"Segments of major housing markets began losing value even while median sales prices continue to rise," Allan Weiss, chief executive, said in an Aug. 20 news release. "These pockets of declining value are growing rapidly."
The increase in home-depreciation is not limited to lower-priced homes, Weiss said. Some are in the middle-price and higher-priced tiers, he said.
"Pockets of depreciation have spread rapidly across geographies in many cases with little correlation to property type, value or age of home," he said.
