The housing market is frozen: 53% of all US homes have lost value over the last year, the largest percentage since 2012, according to Zillow. This is despite national home prices remaining unchanged on average YoY. In Denver, 91% of home values have fallen from their peaks, followed by 89% in Austin and 88% in Sacramento. Dallas and Phoenix follow at 87%, while San Antonio stands at 86%. Nationally, the average decline in home values from peak levels is -9.7%, still far from the -27.0% decline seen in 2012. The housing market is stagnant.