More than half of U.S. homes have dropped in value over the last year — and nearly all houses in these cities have seen losses

The share of U.S. homes that have lost value in the past year is the highest since the aftermath of the Great Recession, according to Zillow.

In October, 53% of homes saw their “Zestimates” decline, the most since 2012 and up from just 16% a year earlier. Losses were most widespread in the West and South.

In fact, those regions have housing markets where nearly all homes declined in value over the last year. Denver topped the list with 91%, followed by Austin (89%), Sacramento (88%), Phoenix (87%) and Dallas (87%).

The Northeast and Midwest, by contrast, have largely avoided such losses, but declines are spreading to more homes in all metros, Zillow said.

In addition, most homes also dropped from their peak valuations, with the average drawdown hitting 9.7%. While that has soared from