San Diego Home Values Drop In 2011

The housing analysis from Zillow.com shows U.S. homes are expected to lose nearly $700 billion in value this year. But the good news is losses in 2010 exceeded $1 trillion, and this year nine markets, including New Orleans and Pittsburgh, actually gained value.

Gary London, a San Diego real estate consultant, said Zillow paints a picture of a home market that's beginning to turn around.

"So this represents sort of the bottom of the bargain market. And now we're going to see a turnup, probably beginning next year," said London.

This year, Zillow reports San Diego will lose $9.7 billion in real estate value. According to Zillow, the L.A. market will lose $75 billion.

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