NEW YORK: US home values fell in the first quarter (1Q) at the fastest rate since late 2008, real estate data firm Zillow Inc said on Monday, suggesting that a bottom will not be seen until 2012 at the earliest.

Zillow said its home value index fell 3% in the first three months of the year from the previous quarter, and was down 8.2% year-over-year.

The number of homeowners under water — or, those who owe more on the mortgage than their house is currently worth — amounted to 28.4% of single-family homeowners, representing a peak since Zillow began calculating the data in 2009. That was up from 27% in 4Q of last year. — Reuters

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