DOUBLE-DIP REAL ESTATE MARKETS In its quarterly report on home values, real estate website painted a bleak picture for the U.S. housing market, with negative equity hitting a new high and

with home values showing signs of a double dip. Using the Zillow Home Value Index (ZHVI) as a barometer, the company reported that home values fell faster in the first quarter of 2011 than

in any quarter since 2008, falling 3 percent from the previous quarter and 8.2 percent year over year. In addition, foreclosures were on the rise in the Photo: Getty Images || Source:

zillow.com In its quarterly report on home values, real estate website Zillow.compainted a bleak picture for the U.S. housing market, with negative equity hitting a new high and with home

foreclosures. As a result, Zillow expects home values to bottom in 2012, at the earliest. Although the national trend in home values is evident, local housing markets tend to vary

dramatically, with several already showing a double dip in home prices. To get an idea of which local markets are seeing the biggest double dips, Zillow analyzed data for CNBC.com i n 158

metro areas to identify the cities where home values have seen the biggest recent run-ups before falling below their previous bottoms. Cities are ranked here based upon the magnitude of the

metro area’s run-up in home prices, with each experiencing at least seven months of consecutive home price declines. So, which U.S. metro areas have seen the biggest double-dip in home

prices? Click ahead for the list. _By Paul Toscano Posted 16 May 2011_ 15. DENVER, COLORADO Pre-dip run-up: 4.3% Fall since last peak: -9.6% Compared to pre-run-up low: -5.7% Prices falling

since: May 2010 Run-up length: 14 months ZHVI High: $212,870 ZHVI Low: $192,341 Photo: Jim Wark | Lonely Planet Images | Getty Images || Source: zillow.com Pre-dip run-up: 4.3% Fall since

last peak: -9.6% Compared to pre-run-up low: -5.7% Prices falling since: May 2010 Run-up length: 14 months ZHVI High: $212,870 ZHVI Low: $192,341 14. SPRINGFIELD, MASSACHUSETTS Pre-dip

run-up: 4.4%Fall since last peak: -10.4% Compared to pre-run-up low: -6.4% Prices falling since: August 2009 Run-up length: 6 months ZHVI High: $197,151 ZHVI Low: $176,705 Photo: Denis

Tangney Jr. | Photodisc | Getty Images || Source: zillow.com Pre-dip run-up: 4.4% Fall since last peak: -10.4% Compared to pre-run-up low: -6.4% Prices falling since: August 2009 Run-up

length: 6 months ZHVI High: $197,151 ZHVI Low: $176,705 13. MERCED, CALIFORNIA Pre-dip run-up: 4.6% Fall since last peak: -6.0% Compared to pre-run-up low: -1.7% Prices falling since: August

2010 Run-up length: 11 Months ZHVI High: $111,851 ZHVI Low: $105,110 Photo: iStock || Source: zillow.com Pre-dip run-up: 4.6% Fall since last peak: -6.0% Compared to pre-run-up low: -1.7%

Prices falling since: August 2010 Run-up length: 11 Months ZHVI High: $111,851 ZHVI Low: $105,110 12. PUNTA GORDA, FLORIDA Pre-dip run-up: 5.0% Fall since last peak: -9.9% Compared to

pre-run-up low: -5.5% Prices falling since: February 2010 Run-up length: 10 months ZHVI High: $124,538 ZHVI Low: $112,173 Photo: Panoramic Images | Getty Images || Source: zillow.com Pre-dip

run-up: 5.0% Fall since last peak: -9.9% Compared to pre-run-up low: -5.5% Prices falling since: February 2010 Run-up length: 10 months ZHVI High: $124,538 ZHVI Low: $112,173 11.

GREENSBORO, NORTH CAROLINA Pre-dip run-up: 5.0% Fall since last peak: -14.0% Compared to pre-run-up low: -9.7% Prices falling since: September 2009 Run-up length: 7 months ZHVI High:

$132,342 ZHVI Low: $113,774 Photo: MoMo Productions | The Image Bank | Getty Images || Source: zillow.com Pre-dip run-up: 5.0% Fall since last peak: -14.0% Compared to pre-run-up low: -9.7%

Prices falling since: September 2009 Run-up length: 7 months ZHVI High: $132,342 ZHVI Low: $113,774 10. LOS ANGELES, CALIFORNIA Pre-dip run-up: 5.2% Fall since last peak: -8.1% Compared to

pre-run-up low: -3.3% Prices falling since: May 2010 Run-up length: 13 months ZHVI High: $420,466 ZHVI Low: $386,449 Photo: Rebecca Emery | The Image Bank | Getty Images || Source:

zillow.com Pre-dip run-up: 5.2% Fall since last peak: -8.1% Compared to pre-run-up low: -3.3% Prices falling since: May 2010 Run-up length: 13 months ZHVI High: $420,466 ZHVI Low: $386,449

9. VENTURA, CALIFORNIA Pre-dip run-up: 5.4% Fall since last peak: -7.5% Compared to pre-run-up low: -2.6% Prices falling since: May 2010 Run-up length: 14 months ZHVI High: $416,181 ZHVI

Low: $384,541 Photo: Getty Images || Source: zillow.com Pre-dip run-up: 5.4% Fall since last peak: -7.5% Compared to pre-run-up low: -2.6% Prices falling since: May 2010 Run-up length: 14

months ZHVI High: $416,181 ZHVI Low: $384,541 8. SAN FRANCISCO, CALIFORNIA Pre-dip run-up: 5.5% Fall since last peak: -10.6% Compared to pre-run-up low: -5.7% Prices falling since: May 2010

Run-up length: 14 months ZHVI High: $522,099 ZHVI Low: $466,972 Photo: Jumper | Photodisc | Getty Images || Source: zillow.com Pre-dip run-up: 5.5% Fall since last peak: -10.6% Compared to

pre-run-up low: -5.7% Prices falling since: May 2010 Run-up length: 14 months ZHVI High: $522,099 ZHVI Low: $466,972 7. SANTA CRUZ, CALIFORNIA Pre-dip run-up: 6.1% Fall since last peak:

-10.5% Compared to pre-run-up low: -5.0% Prices falling since: July 2009 Run-up length: 5 months ZHVI High: $528,527 ZHVI Low: $472,588 Photo: Eddie Brady | Lonely Planet Images | Getty

Images || Source: zillow.com Pre-dip run-up: 6.1% Fall since last peak: -10.5% Compared to pre-run-up low: -5.0% Prices falling since: July 2009 Run-up length: 5 months ZHVI High: $528,527

ZHVI Low: $472,588 6. WORCESTER, MASSACHUSETTS Pre-dip run-up: 6.3% Fall since last peak: -13.6% Compared to pre-run-up low: -8.2% Prices falling since: September 2009 Run-up length: 6

months ZHVI High: $213,633 ZHVI Low: $191,041 Photo: Denis Tangney Jr. | Photodisc | Getty Images || Source: zillow.com Pre-dip run-up: 6.3% Fall since last peak: -13.6% Compared to

pre-run-up low: -8.2% Prices falling since: September 2009 Run-up length: 6 months ZHVI High: $213,633 ZHVI Low: $191,041 5. SALINAS, CALIFORNIA Pre-dip run-up: 6.6% Fall since last peak:

-6.7% Compared to pre-run-up low: -0.6% Prices falling since: July 2010 Run-up length: 15 months ZHVI High: $341,830 ZHVI Low: $293,775 Photo: Witold Skrypczak | Lonely Planet Images | Getty

Images || Source: zillow.com Pre-dip run-up: 6.6% Fall since last peak: -6.7% Compared to pre-run-up low: -0.6% Prices falling since: July 2010 Run-up length: 15 months ZHVI High: $341,830

ZHVI Low: $293,775 4. SAN DIEGO, CALIFORNIA Pre-dip run-up: 6.6% Fall since last peak: -6.7% Compared to pre-run-up low: -0.5% Prices falling since: June 2010 Run-up length: 15 months ZHVI

High: $372,230 ZHVI Low: $347,472 Photo: S. Greg Panosian | iStock Exclusive | Getty Images || Source: zillow.com Pre-dip run-up: 6.6% Fall since last peak: -6.7% Compared to pre-run-up low:

-0.5% Prices falling since: June 2010 Run-up length: 15 months ZHVI High: $372,230 ZHVI Low: $347,472 3. BOSTON, MASSACHUSETTS Pre-dip run-up: 6.7% Fall since last peak: -6.8% Compared to

pre-run-up low: -0.6% Prices falling since: June 2010 Run-up length: 16 months ZHVI High: $328,282 ZHVI Low: $305,831 Photo: Hisham F. Ibrahim | Photographer's Choice RF | Getty Images

|| Source: zillow.com Pre-dip run-up: 6.7% Fall since last peak: -6.8% Compared to pre-run-up low: -0.6% Prices falling since: June 2010 Run-up length: 16 months ZHVI High: $328,282 ZHVI

Low: $305,831 2. GREEN BAY, WISCONSIN Pre-dip run-up: 7.8% Fall since last peak: -9.9% Compared to pre-run-up low: -2.8% Prices falling since: August 2009 Run-up length: 6 months ZHVI High:

$143,322 ZHVI Low: $131,418 Photo: schwnj || Source: zillow.com Pre-dip run-up: 7.8% Fall since last peak: -9.9% Compared to pre-run-up low: -2.8% Prices falling since: August 2009 Run-up

length: 6 months ZHVI High: $143,322 ZHVI Low: $131,418 1. GAINESVILLE, GEORGIA Pre-dip run-up: 10.6% Fall since last peak: -18.8% Compared to pre-run-up low: -10.1% Prices falling since:

July 2010 Run-up length: 7 months ZHVI High: $133,944 ZHVI Low: $108,801 Photo by: David William Reed || Source: zillow.com Pre-dip run-up: 10.6% Fall since last peak: -18.8% Compared to

pre-run-up low: -10.1% Prices falling since: July 2010 Run-up length: 7 months ZHVI High: $133,944 ZHVI Low: $108,801