• home prices in the Minneapolis MN area were down 5% from a year ago
• Condos are faring worse than houses, especially smaller condos
  • condos worth less than $179,000 were down 12%
    
• In terms of specific parts of Minneapolis
  • St. Paul home prices were down 8%
  • Bloomington home prices were down 7%
  • Edina home prices were down 11%
    
  • Brooklyn Park home prices were down 11%
• The further you are from the city center of Minneapolis, the worse off you are: areas east of Woodbury and west of Plymouth and Minnetonka were down 12% or more
• Looking for a silver lining? Over the last 10 years, home prices overall in Minneapolis were up 6.3% per year on average. Not bad, when you take a step back and look at things from a high level.

Zillow (my company) has just released their 1^st Quarter Home Value Report which paints a grim picture of housing trends nationwide. A few of the highlights (or lowlights): 

• nationwide, home prices declined 8% year-over-year, the 5th quarter in a row of declining prices and the largest decline in the 12 years for which Zillow has data
  
• 5 of the top 10 declines were in California
  • Los Angeles home values declined 16% (see Los Angeles home values graphics),  Sacramento home values declined 21%, San Diego home values declined 17%, and San Jose home values declined 8% (see San Jose home values graphics)
    
• 130 of the 160 cities we studied declined; 29 of the 30 largest cities declined (Dallas home values were the holdout)
• 45% of homeowners who bought their home in 2007 are already underwater on their loan, and 52% of people who bought in 2006 are underwater.

Note: This call is mostly for media. There will be another call in a few weeks geared more towards real estate professionals. But feel free to join tomorrow's call if you'd like.