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Where Prices Have Increased the Most in 2008

U.S. Home values declined an average of 8.4 percent in the first three periods of 2008, down $2 trillion in total value, according to Zillow.com Real Estate Market Report, released this week.Thirty of the 163 metropolitan statistical areas covered by Zillow, either showed gains in the median value of homes in the area or values stabilized. Here are the 10 areas where values increased and declined the most.

Places Where Values Increased the Most

Ithaca, N.Y., 5.6%
State College, Pa., 4%
Jacksonville, N.C., 3.9%
Winston-Salem, N.C., 3.4%
Bay City, Mi., 3.2%
Rochester, N.Y. 3.1%
Greenville, S. C., 2.8%
Anderson, S.C. 2.7%
Burlington, N.C., 2.6%
Spartanburg, S.C., 2.0%


Places Where Values Decreased the Most

Las Vegas-Paradise, Nev., -24.6%
Bakersfield, Calif., -24.9%
Madera, Calif., -26.2%
Gainesville, Ga., -26.4%
Riverside-San Bernardino-Ontario, Calif., -30.4%
Modesto, Calif., -31%
Salinas, Calif., -32.4%
Merced, Calif., -32.5%
Vallejo-Fairfield, Calif., -33.2%
Stockton, Calif., -35.5%

Mortgage Rates Plunge to Record Lows

Mortgage Rates Plunge to Record Lows

In response to the Federal Reserve's cut in the federal funds rate to near zero, Freddie Mac reports that the 30-year fixed mortgage rate fell to 5.17 percent during the week ended Dec. 18--down from 5.47 percent last week and the lowest since the survey's inception in 1971.

Interest on 15-year fixed loans slipped to 4.92 percent from 5.20 percent. Meanwhile, the five-year hybrid adjustable mortgage rate dropped to 5.6 percent from 5.82 percent; and the one-year ARM dipped to 4.94 percent from 5.09 percent. A year ago, the 30-year fixed rate stood at 6.14 percent, the 15-year fixed rate at 5.79 percent, the five-year hybrid ARM at 5.9 percent, and the one-year ARM at 5.51 percent.

Source: The Wall Street Journal, Steve Kerch (12/19/08)