For the second quarter in a row, real estate prices dropped on a year over year basis, according to a recent news release by zillow.com, which discussed the real estate market for the first three months of 2007. Values dropped nationwide by over 1% on a quarter by quarter basis.
Two areas in Florida had the biggest drops and the Santa Barbara area was the third worst with a drop of almost 12%. Interestingly, the highest appreciation took place in two areas in Oregon and two areas in Washington, with the Corvallis area of Oregon up over 17%.
The state with the most expensive metropolitan areas is, where else, California. The state with the least expensive areas is Illinois.