Citywide, single-family homes in Newport News dropped in value by 4.49% from last year,  and condominiums fell 4.70%. That's the first time in 30 years the city has seen a drop in home values.

Port Warwick, a popular mixed-use development, fared the worst, with a 13.4% loss in value. The community currently has about two years' worth of inventory on the market, with listings priced well below assessed values.

The news isn't all bad. In Newportowne, an affordable townhouse community in Denbigh with homes priced at about $125,000, assessed values went up 3.05%, the highest increase for neighborhoods with more than 50 homes.

Read more in the Daily Press....