U.S. Housing Market Hit Bottom – Zillow Reports

According to Zillow‘s second quarter Real Estate Market Report, home values in the U.S. have reached a bottom.

The Zillow report shows that U.S. home values increased by 0.2% year-over-year to $149,300, the first time since 2007 that this happened – five years after the U.S. housing bubble burst. Home values have also increased for four consecutive months.

Zillow Chief Economist Dr. Stan Humphries, said in a statement, “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.”

Zillow’s Chief Economist added, “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.”

Zillow reports that the number of foreclosures is expected to rise as a result of the National Foreclosure Settlement.

RealtyTrac earlier announced in its Midyear 2012 Foreclosure Market Report that U.S. mortgage servicers are notifying more delinquent homeowners that they are facing foreclosure.

RealtyTrac report shows that foreclosure process has been started in the second quarter of this year in 311,010 U.S. housing units, the first year-over-year rise in quarterly foreclosure starts since the fourth quarter of 2009.

Whether you are a first-time home buyer, first-time home seller, empty nester, thinking about selling a home or buying a home, do contact the Guldi Real Estate Group. In Southern Maryland, the Guldi Group is the number one real estate team.