According to Zillow’s latest Home Value Report, home values in Reno decreased 16.5% in the first quarter of 2008, compared to the first quarter of 2007. Nationally, single-family home values decreased 7.5% while condo values declined 9.0% during this same period. See map and download report. Zillow Reports 16.5% Decrease in Reno
According to Zillow’s latest Home Value Report, home values in Reno decreased 16.5% in the first quarter of 2008, compared to the first quarter of 2007. Nationally, single-family home values decreased 7.5% while condo values declined 9.0% during this same period. See map and download report. 
For all it’s problems. Zillow is pretty accurate on trends, so I am pretty much in agreement with their 16.5% decrease Y/Y. But what about the decreases over the preceding 2 years from our peak in mid 2005?
But of course, my house is special……
The Zillow Report (Zindex) uses only zestimates as data points– not actual sales figures. So, if a recent sale was 500K and the reconfigured zestimate (factoring in the 500K) is $450, they count the 450K.
http://tinyurl.com/4d9rpa
Also, it is not a Home “Value” Report, it is a home “estimate” of value report. And as you know, a zestimate is a computer generated “estimate” of home value (no one visits the home). By Zillow’s own admission, it is a starting point. IMO, any report based on starting points can not rise any higher than that and certainly is not a report I would elevate to “authoritative.”
Just my opinion.