U.S. home values post increase
Posted on Thursday, July 26, 2012 at 4:01:42 PM
The real estate market has finally hit bottom, and home values are starting an upward trek as a result. According to the Zillow Real Estate Market Reports, two in five real estate markets will see home prices rise in the upcoming year. National home values increased 0.2 percent from the second quarter of 2011 to the second quarter of 2012, the first annual increase the nation has seen since 2007. In addition, Zillow expert forecasts are predicting that 67 of the 156 metros covered by the report will experience an increase in home values, while nationally that figure will rise 1.1 percent.
"After four months with rising home values and increasingly positive forecast data, it seems clear that the country has hit a bottom in home values," said Zillow Chief Economist Dr. Stan Humphries. "The housing recovery is holding together despite lower-than-expected job growth, indicating that it has some organic strength of its own."
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