December 19th, 2012
The housing market is continuing its path toward recovery as home values once again showed signs of strengthening in November.
Zillow reports that home values have increased steadily each month for more than year now, and rose 0.6 percent from October to November. Further, home values increased 5.2 percent from the same period last year, the largest rise since pre-recession levels in 2006. Strengthening home values may translate into fewer homeowners holding on to negative equity and denotes that now may be a good time for buyers to invest in a property.
“The housing market recovery we’ve been experiencing throughout 2012 should continue on its own momentum into 2013,” said Zillow chief economist Stan Humphries. “Tight inventory, courtesy of negative equity, is running headlong into high demand driven by historic affordability and renewed consumer and investor interest. This is helping home values rise in a majority of metro areas nationwide.”
Analysts say the next several months may be the best time for potential buyers to work with a mortgage consultant to find the perfect property, as rates are low and home values are strengthening to levels that still make homeownership affordable.