Phoenix also has the highest percentage of homeowners with negative equity on their mortgages at 68.4 percent, the report noted.
Home values in the Phoenix metro area dropped another 2.3 percent between the last quarter of 2010 and the first quarter of 2011. The year-over-year drop was 11.2 percent. The home value drop from the market peak in Phoenix is 55.3 percent.
The report surveyed 132 markets.
Other markets with a large percentage of mortgages underwater include Atlanta (55.7 percent), Riverside, Calif. (50.7 percent), Tampa, Fla. (59.8 percent) and Sacramento, Calif. (51.2 percent).
Other markets with a large drop in values from the peak include Miami-Ft. Lauderdale (55.4 percent), Detroit (55.5 percent) and Orlando (55.2 percent).
However, the greatest concern is the current drop in values during the last quarter.
“Home values in the United States fell faster in the first quarter of 2011 than they have in any quarter since 2008, when the housing market experienced its worst performance,” the report states. “Very few markets were exempt from home value declines in the first quarter.”
The markets recording the largest declines for the quarter include Chicago (4.8 percent), Atlanta (4.4 percent), Detroit (5.2 percent), Minneapolis-St. Paul (4.8 percent), St. Louis (4 percent) and Sacramento (4.2 percent).
Only four markets recorded increases or remained flat. They are Fort Myers, Fla. (2.4 percent increase); Champaign-Urbana, Ill. (0.8 percent increase); Honolulu, Hawaii (0.3 percent) and Sarasota, Fla. (no change).
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