Connect with us

Hi, what are you looking for?

The American GeniusThe American Genius

Housing News

Zillow reports slight uptick in home values, predicts the bottom is not near

Seattle real estate signs, photo by AR McLin.

Monthly appreciation of home values

According to the Zillow Real Estate Market Report just released, in August of 2011, the home value index rose 0.1 percent from July, while dropping 4.5 percent from August of 2010 and a dramatic 28.3 percent plummet from the housing market’s peak in June of 2006.

Of the 157 markets studied by Zillow, 43 percent saw an increase in home values, but the report notes that the increases are mostly minimal, and we would add that most markets look fairly stagnant in recent months. Regional differences weren’t the only key differentiation in the market- tiers behaved differently as well with home values in the top tier having risen 0.46% in the top tier while the bottom tier only rose 0.06%.

Foreclosure liquidation rates are similarly stagnant, according to Zillow, remaining at roughly nine out of ever 10,000 homes foreclosed in the month, down from 10.9 out of every 10,000 homes ten months earlier. As we’ve noted for months, the report indicates that the robosigning scandal has frozen the pace of foreclosures being completed.

“Due to the robo-signing controversy, the pace of foreclosure liquidations has been slower than it would be otherwise, which is impacting home value trends positively. Eventually the pace will pick up again, putting more bank-owned homes into local markets and putting additional downward pressure on prices,” said Zillow Chief Economist Dr. Stan Humphries. “We remain encouraged about the organic stabilization in home values that we have been seeing absent the federal home buyer tax credits, but we remain concerned about the impact that recent economic turmoil and continued weak economic indicators will have on future home sales and home value trends.”

Dr. Humphries noted that, “At this point, we maintain the expectation that a definitive bottom will not occur until 2012 at the earliest.”

Advertisement. Scroll to continue reading.

Click any of the graphs below to enlarge:





Tara Steele is the News Director at The American Genius, covering entrepreneur, real estate, technology news and everything in between. If you'd like to reach Tara with a question, comment, press release or hot news tip, simply click the link below.

22 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Advertisement

KEEP READING!

Social Media

(MEDIA) We’ve warned of this for years, the industry funded it, and Zillow Homes brokerage has launched, and there are serious questions at hand.

Real Estate Corporate

(REAL ESTATE) Zillow has long been a data powerhouse, but a lawsuit about a $150M listing offers a look into listings claims.

Business News

(BUSINESS NEWS) Real estate giant Zillow is being sued by a California photographer who intimates that the company has scraped the images without anyone's...

Business News

(BUSINESS NEWS) Zillow being sued for Zestimates is nothing new, but they're now being accused of concealing Zestimates on "Co-Conspirator Broker" listings, violating federal...

The American Genius is a strong news voice in the entrepreneur and tech world, offering meaningful, concise insight into emerging technologies, the digital economy, best practices, and a shifting business culture. We refuse to publish fluff, and our readers rely on us for inspiring action. Copyright © 2005-2022, The American Genius, LLC.