Five areas where property values are rising and five where prices continue to free-fall.

(Source: Forbes)

Though U.S. home values have dropped for the 10th consecutive quarter, homeowners in some parts of the nation are seeing prices appreciating.

Countrywide, second-quarter values fell 12.1% year-over-year to $186,500. This is a 22.3% drop in value since the mid-2006 market peak, according to Zillow.com’s Second-Quarter Real Estate Market Report. The real estate research firm’s Home Value Index measures the value of all homes in a metropolitan statistical area or metro, not only those that sold in the measured period.

Five areas where property values are rising:

1. Fayetteville, N.C.
Q2 Zillow Home Value Index: $120,600
Q2 Year Over Year Change: 13.4%

2. Oklahoma City, Okla.
Q2 Zillow Home Value Index: $118,700
Q2 Year Over Year Change: 4.8%

3. Binghamton, N.Y.
Q2 Zillow Home Value Index: $112,300
Q2 Year Over Year Change: 4.5%

4. Burlington, N.C.
Q2 Zillow Home Value Index: $124,200
Q2 Year Over Year Change: 4.4%

5. Gainesville, Ga.
Q2 Zillow Home Value Index: $139,100
Q2 Year Over Year Change: 4.2%

Five areas where prices continue to free-fall:

1. Merced, Calif.
Q2 Zillow Home Value Index: $106,500
Q2 Year Over Year Change: -40.2%

2. El Centro, Calif.
Q2 Zillow Home Value Index: $117,400
Q2 Year Over Year Change: -37.6%

3. Las Vegas, Nev.
Q2 Zillow Home Value Index: $140,500
Q2 Year Over Year Change: -34.6%

4. Madera, Calif.
Q2 Zillow Home Value Index: $144,400
Q2 Year Over Year Change: -33.8%

5. Modesto, Calif.
Q2 Zillow Home Value Index: $140,500
Q2 Year Over Year Change: -31%

Read the full article “America’s Best And Worst Housing Markets” in Forbes (August 11, 2009).

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