I'm in complete shock. My home was worth 260k back in March using Zillow. According to Zillow, It had been rising slowly and plateaued. Based on my own real estate knowledge I felt that was fairly accurate. I have not been paying attention to the real estate market in awhile as I've been pre-occupied chasing pussy. However I was free tonight, and randomly decided to look up my home value. Whoa! Zillow now says it's 205k. I was in disbelief, so I quickly pulled up land sales for my neighborhood and now that Zillow's number is in the ballpark. I still feel the number is 10 to 15k too low, but I know deep down it would be very hard to sell due to the sheer number of for sales already on the street for over a year. There is just too much supply on the market in my area. I'm in shock that the value of my house has fallen ~50-55k in just 3 months. Zillow's chart of my house, zip, state did look similar, dangerous too. Another 50k drop and I'll owe more than it's worth! I thought it was bargain and a good investment at the time of purchase. I'm just in total awe at the chart. Value is falling very quick. I knew value was decreasing, but did not expect it at this rate for my own house. I also thought the decrease would have stopped a month ago when in fact Zillow showed last month as the biggest decline. On another note, I immediately turned to San Francisco and other California markets I always thought were ridiculously overpriced. Again, I was shocked to see small homes valued between 800k to 1.5 million still holding their value and have yet to see any kind of meaningful declined. I have no local knowledge in California, so I must rely solely on Zillow's information. I think Cali has yet to see the bubble collapse, at least not the percentage extent happening in other regions. I was expecting over priced regions to fall first and hardest, but that does not seem to be the case. It looks like they may fall last AND hardest. A scary thought.