US REAL ESTATE VALUES ARE DROPPING MOST IN THESE CITIES

After two years of double-digit growth, U.S. real estate values are falling.

Much of that decline can be attributed to a sharp rise in mortgage rates, which have more than doubled in the past year. Many potential homebuyers have left the market as borrowing costs have risen. 

As demand slows, real estate prices (and their estimated values) begin to fall.
Here are the cities with the biggest home price drops from November to December, according to the latest data from Zillow. The data is based on Zillow's Home Value Index, which uses the company's data to measure
the value of a typical home.

1. Seattle, Washington: -4.81%
2. Dallas, Texas: -1.47%
3. San Antonio, Texas: -1.33%
4. San Diego, California: -1.33%
5. Austin, Texas: -1.30%
6. Salt Lake City, Utah: -1.29%
7. Phoenix, Arizona: -1.20%

Nationally, the value of a typical home fell 0.2% between November and December, according to Zillow. On an annual basis, home prices are still up 8.4%. Home prices in Milwaukee, Wisconsin, rose 1.1 percent over the same period, while prices in Birmingham, Alabama rose 1 percent, according to
Zillow.