Quote of the day: Home values see biggest quarterly drop since ’08

“Home value declines are currently equal to those we experienced during the darkest days of the housing recession. With accelerating declines during the first quarter, it is unreasonable to expect home values to return to stability by the end of 2011.”

– Zillow’s chief economist Stan Humphries. National home values fell 3% from 4Q 2010 to 1Q 2011 and are down 8.2% year-over-year according to Zillow. Almost 29% of single-family homeowners are underwater, the highest amount recorded since Zillow started keeping track in 2009.

Only three of 132 metro markets saw quarterly increases, including one in Illinois — the Champaign-Urbana area.

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