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Home loan payments still burden consumersA report this week from Zillow.com said that home values in the U.S. dropped in the first quarter based on a survey of changes in home values of 161 metropolitan areas. Being underwater on a home loan - or owing more on the mortgage than what the value of the property is now worth - has been a more pronounced struggle for some families California and Florida. Zillow.com reports that communities like Modesto, California and Fort Myers, Florida have experienced, in some cases, home value declines of over 50 percent from the peak of the housing market. Although price declines appear to be moderating, Dr Stan Humphries, Zillow vice president of data and analytics said, "Unfortunately, given the magnitude of the current rates of decline, we're still many months away from a bottom even as depreciation slows."
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