This picture represents what is happening to the American Dream of owning your own home and having that home increase in value. It is going down the drain, at least in 2008.
Zillow.com, a website that follows real estate trends, reports that in the third quarter of 2008, real estate values in the United States declined by 9.7% compared to 2007. Real estate values are down by 12.8% compared to 2006.
If click on the link above, you will find this really interesting tool that Zillow has created that shows the decline in real estate values by metropolitan area.
While things are bad for Cleveland, they are horrible for parts of Florida and California. In Miami, for example, values have declined by 21.5% compared to one year ago. In Riverside, California, real estate values have declined by 30.4% compared to one year ago.
Basically, according to Zillow, the United States real estate market just plain sucks.