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Most metro housing markets recovered after hitting bottom

Posted: October 24, 2012 2:00 a.m.
Updated: October 24, 2012 2:00 a.m.
 

Home values in the U.S. rose 1.3 percent in the third quarter of 2012, marking the fourth consecutive quarter of increases, Zillow announced Tuesday.

According to Zillow’s third quarter Real Estate Market Reports, the real estate database and information company forecast home values will increase 1.7 percent over the next year.

The report also noted that 183 of the 253 markets covered by Zillow’s forecast have already hit bottom — including all metropolitan markets measured on the West Coast.

Some U.S. markets are not expected to hit bottom until next year, and recovery is still uneven across the nation, Zillow reported. In the hard-hit Phoenix metro area, for example, home values rose 5.9 percent quarter-over-quarter, and increased 10.4 percent year-over-year. But in the Atlanta metro area, home values fell 2.3 percent from the second quarter and 4.8 percent from the prior year.

More metro areas experience home value declines in the third quarter compared to the second quarter according to Zillow. The company believes home values will rise and fall before returning to consistent monthly increases.

“We’re likely seeing home values fall back into the negative range in some markets due to the close of the traditional home-buying season,” said Stan Humphries, Zillow’s chief economist. “While that doesn’t mean the recovery has come off the rails — in fact, most markets have hit bottom — it does present a confusing environment for consumers.”

Looking forward, Humphries  said he expects to see home values bump along the bottom for some time, before increasing at a slow and steady pace.

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