US Home Values: Have They Hit Rock Bottom
Facts: For the past four months, zillow.com has picked up on trends and as of Tuesday, zillow.com declared the real estate market as having turned the corner to recovery. "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 Stan Humphries, chief economist at Seattle-based Zillow, which measures home values. "The housing recovery is holding together despite lower-than-expected job growth, indicating that it has some organic strength of its own."
Zillow based this announcement on their measurements of the value of single-family residences, condos, and other housing units. Zillow forecasts that home values will increase over the next year in nearly 43 percent of the markets it tracks, with Phoenix expected to lead with a 9.9 percent increase, followed by Miami with a 6.1 percent gain. U.S. home values are expected to rise 1.1 percent overall.
Some Reader's Reactions:
“You can't call the winner of the game at halftime. That is what Zillow is doing here. They must have a vested interest in making the public believe this stuff. They have officially joined the rest of the media in trying to make believe that the emporer does have clothes.”
Hart Real Estate Solutions