Home values have been steadily rising, and the declines seen during the recession are close to being wiped out in nearly 20% of Metro housing markets throughout the US. According to a first-quarter report from Zillow, home values in the US increased by 5.7% year on year, reaching $169,800.
During the fourth quarter of last year home values throughout the country rose by 0.5% which was the ninth consecutive quarter of increases. It’s expected that home values will rise by another 3.3% through to the first quarter of next year.
Nationally, home values fell by 22.6% during the recession, and are still 13.5% below values seen at the peak of the market in 2007 before the market finally bottomed out in 2011. However the article in RISMedia points out that many cities have already waved goodbye to the effects of the housing recession. Out of the 8,700 cities and towns surveyed by Zillow, some 1,080 have either already seen home values fully recover, or expect to see them recover during the next year. These include many areas that were particularly hard hit during the last few years. There were 6,781 cities and towns that saw home values fall by 10% or …read more