Home values in the first quarter of 2008 fell 1.6 percent from the fourth quarter and 7.7 percent from the year-ago quarter, marking the most significant year-over-year decline in the past 12 years, to a U.S. Zindex(R) home value indicator of $213,000, according to the Zillow.com Q1 Home Value Report. The median U.S. home value has not been this low since the second quarter of 2005, leaving more homeowners who purchased in 2005 or later with negative equity than any quarter previously reported by Zillow.