Latest Home Value Trends for the St. Louis Area

According to Zillow's most recent Real Estate Market Report, home values in the U.S. decreased 9.9% in the second quarter of 2008, compared to the second quarter of 2007
Led by Fenton, MO with a loss of 8% and the median home price at $181,000.
Next is Foristell showing a 7.1% decrease and the median price at $254,000.
Additional St. Louis, Missouri cities;

Valley Park Down 5.9% Median Price $176,000
Eureka Down 5.8% Median Price $223,000
Ballwin Down 5.5% Median Price $224,000
Maryland Hgts. Down 5.1% Median Price $158,000
St. Louis City Down 4.4% Median Price $143,000
Webster Groves Down 4.0% Median Price $235,000
Manchester Down 4.0% Median Price $208,000
Chesterfield Down 2.7% Median Price $353,000
St. Charles Down 2.3% Median Price $187,000
St. Peters Down 2.2% Median Price $168,000
O'Fallon Down 1.2% Median Price $205,000

While most home owners are in denial, this REPORT proves it's true:
According to Zillows just-released Q2 Homeowner Confidence Survey, 62% of U.S. homeowners believe their home's value has increased or stayed the same in the past year. Surveying 1300 home owners Zillow In reality, 77% of U.S. homes have declined in value over the past 12 months!

Although some news in the last few days has shown promise, I think we have a little ways to go before the market begins to start showing gains.