Zillow: U.S. home values have bottomed

From OC Register ……posted by

Two home-price indexes show national home prices rising from a year ago as online property tracker Zillow states that the market has bottomed.

FHFA US Home Price Index May 2012

Source: FHFA; click to enlarge!

We saw this morning:

Zillow’s chief economist, Stan Humphries: “It seems clear that the country has hit a bottom in home values … The housing recovery is holding together despite lower-than-expected job growth, indicating that it has some organic strength of its own. Of course, there is still some risk as we look down the foreclosure pipeline and see foreclosure starts picking up. This will translate into more homes on the market by the end of the year, but we think demand will rise to absorb that, particularly in markets where there are acute inventory shortages now. Looking forward, we expect home values to remain relatively flat as the market works through a backlog of foreclosures and high rates of negative equity.”

Did you miss?
Trends in O.C. housing …

… or some local jobs news!

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