Zillow reported their quarterly report on U.S. home values.  Their current report shows U.S. home values back to where they were in 2005….I would say that actually sounds conservative to me.  I’m seeing home values fall back to 2002-2003 levels in some cases.

Here’s the article from RIS Media along with the direct link to Zillow’s report.  They have an excellent interactive map of the U.S.

It has been my experience that on an individual property basis, Zillow consistently over estimates the properties true value in the market today.