A dash of good news for Southern California house hunters: estimated values of three-quarters of local homes have fallen in the past year.

My trusty spreadsheet reviewed a Zillow report examining home values in 50 large metropolitan areas – including three in Southern California – and how pricing has changed over the past year through October. It also gauged changes from recent peaks and appreciation since the homes were last purchased.

Locally, the most widespread drop was observed in the area comprising Los Angeles and Orange counties, where 79% of homes experienced a value decline. That’s the 14th-highest among the 50 metros tracked.

The average decline in L.A.-Orange County from recent high valuations was 7.5%, ranking the region No. 29 nationally. However, lower prices don’t always

See Full Page