News reports have been packed with stories about declining home values, but a recent government report shows that the situation is not nearly so dire as some reports make it sound.

Despite big loses in some areas of the country, the majority of markets continue to show growth in home value over the last five years.

According to the third-quarter survey released by the Federal Housing Finance Agency, out of 292 metropolitan markets, 273 showed positive net home values in the last five years. Only 19 percent were negative.

While home values declined 4 percent on average in the last year, values were up nearly 29 percent over the past five years.

According to the Federal Housing Finance Agency, markets that gained the most over the last five years were:

Honolulu: up 78.7 percent
Virginia Beach: 72.6 percent
Flagstaff, Ariz.: 66.5 percent
Bellingham, Wash.: 65.6 percent
Wilmington, N.C.: 62.1 percent
Baltimore: 60.6 percent

Source: The Washington Post Writers Group, Kenneth R. Harney, (12/06/08)

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