Zillow: Market to Reach Bottom Possibly by 2012

Zillow: Market to Reach Bottom Possibly by 2012

With so many housing markets still facing falling property values, a “bumpy road ahead” remains for real estate and the market may not finally reach bottom until 2012, at the earliest, reports Zillow in its latest report. 

More metro areas are seeing price declines in homes, with 142 — or 92 percent — of the 154 markets Zillow analyzed seeing home values decrease year-over-year, according to Zillow’s latest Home Value Index. However, about 61 percent — or 94 — did see value increases quarter-to-quarter. 

"While there are many positive signs in the second quarter, and it is clear the post-tax-credit free-fall of home values is over, we're not out of the woods yet," Stan Humphries, Zillow's chief economist, said in a statement. "It is very encouraging that two-thirds of markets in our report experienced home-value appreciation, but we have to remember that this is coming on the heels of one of the worst quarters since the housing recession began.

"We expect a bumpy road ahead. There will be many ups and downs in home values before this is over, and we continue to expect a true bottom in 2012, at the earliest. There are still hazards in the form of a full foreclosure pipeline, high negative equity, and fluctuations in demand."

Nationwide, home values have dropped 28.8 percent since its peak, the report said. In the second quarter, about 26.8 percent of home owners with single-family homes owed more on their house than it was worth, according to Zillow. 

Pittsburgh, Pa., was the only metro area in the country’s top 25 that boasted a median price appreciation — up 2.7 percent to $110,400. 

Zillow’s report follows a day after the National Association of REALTORS® released its latest quarterly report. Read more

Source: “Zillow: Expect a ‘Bumpy Road Ahead’ for Real Estate,” Inman News (Aug. 10, 2011)

Read More

NAR: 2nd Quarter Metro Area Prices Mixed

About Ady Simion (Realtor and Public Notary)

Ady Simion was named in the Top 1% of all agents for NRT LLC a subsidiary of Realogy that operates a variety of real estate offices under brands such as Coldwell Banker, Sotheby's International Realty, Century 21, The Corcoran Group, and the technology-based brokerages ZipRealty and Climb Real Estate. NRT has 787 offices and 47,000 sales associates. Selling and buying property can be very stressful but with the right agent it can be profitable and a fun experience. Ady is also a Notary Public and being a people person he wants to help negotiate for his clients making their transactions as smooth as possible. Ady’s goals are simple: He wants to be the best source of information on the Los Angeles area Real Estate market, as he assists clients through each transaction with care and professionalism. He is proud of his large referral base of clients who have placed their trust in him over the years. Why him, when there are so many good people out there?!?! • Sellers will have their property exposed to the largest team of sales professionals in the world by far. Coldwell Banker Agents sale more homes than anyone else. • Buyers will have the opportunity to view more properties exclusively. • And most importantly when you hire him you get a whole team working for you not just “only one person”. Ady Simion started his Professional Career as an Insurance Agent, and then mastered the Mortgage Industry focusing on helping buyers and sellers achieve their life dreams. He now is an Agent with the Largest Residential Real Estate Company in the nation and the world, Coldwell Banker, at the Pasadena office which is the leader in the areas in which he specializes. After finishing College Ady has consistently been a Top Producer in every office/business he worked at. He speaks English, Romanian and Spanish. Real Estate is constantly changing and working with an agent that has been involved in the Real Estate buying/selling process most of his life is always beneficial for clients. Call, text or e-mail him or just stop by to say Hi and ask any real estate questions you may have.

Posted on August 11, 2011, in Uncategorized. Bookmark the permalink. Leave a comment.

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