The Tribune Democrat, Johnstown, PA

Consumer

July 25, 2012

Home values finally going up, Zillow says

The last several months have brought mostly encouraging news from the housing front, suggesting that the long-awaiting recovery was just around the corner. Zillow, the real estate site, says it's finally arrived.

The Zillow Home Value Index (ZHVI) rose in the second quarter on an annual basis for the first time since 2007 -- increasing 0.2 percent year-over-year to $149,300. Home values have now risen for four consecutive months.

Nearly one-third of metros, or 53 of the 167 covered by the Real Estate Market Reports, posted annual increases in home values. The largest increase was in Phoenix where home values are up 12.1 percent from the second quarter of 2011 to the second quarter of 2012. Phoenix was one of the hardest hit cities in the housing collapse.

Continuing trend?

Zillow predicts the trend will continue. Two in five, or 67 of the 156 markets covered by the Zillow Home Value Forecast, are expected to see increases in home values over the next year, with the largest increases expected in the Phoenix and Miami metros. U.S. home values are expected to rise 1.1 percent.

"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," said Zillow Chief Economist Dr. Stan Humphries. "The housing recovery is holding together despite lower-than-expected job growth, indicating that it has some organic strength of its own.”

Fewer homes on the market

What's behind the recovery? For one thing, the National Association of Realtors has reported a sharp decline in the number of homes for sale over the last couple of months. With fewer homes for sale, buyers have less leverage to force down prices.

There has been a drop in the number of distressed properties on the market, though Humphries says that can quickly change.

Text Only | Photo Reprints
Consumer
  • Biggest student loan profits come from grad students

    This week, the Congressional Budget Office projected that the federal government would earn roughly $127 billion from student lending during the next 10 years.

    April 19, 2014

  • Smartphone kill switches are coming

    Smartphones need kill switches. It's a relatively easy solution to the pricey (and irritating) problem of smartphone theft. But who would have thought that the big carriers would team up with Apple, Google, Microsoft, Nokia, Samsung and lots of other manufacturers to voluntarily begin adding the technology by July 2015? The cooperative spirit! It makes so much sense!

    April 19, 2014

  • Consumer spending on health care jumps as Affordable Care Act takes hold

    Nancy Beigel has known since September that she would need hernia surgery. She couldn't afford it on her $11,000 yearly income until she became eligible for Medicaid in January through President Barack Obama's signature health care law.

    April 19, 2014

  • E-Cigarettes target youth with festivals, lawmakers say

    The findings, in a survey released Monday by members of Congress, should prod U.S. regulators to curb the industry, the lawmakers said. While e-cigarettes currently are unregulated, the Food and Drug Administration is working on a plan that would extend its tobacco oversight to the products.

    April 16, 2014

  • DayCareCosts.jpg Day care's cost can exceed college tuition in some states

    Most parents will deal with an even larger kid-related expense long before college, and it's a cost that very few of them are as prepared for: day care.

    April 13, 2014 1 Photo

  • Millions of Android phones, tablets vulnerable to Heartbleed bug

    Millions of smartphones and tablets running Google's Android operating system have the Heartbleed software bug, in a sign of how broadly the flaw extends beyond the Web and into consumer devices.

    April 13, 2014

  • 2012_Mazda6_--_NHTSA.jpg Brakes, steering and...spiders? What's behind the latest auto recalls

    11 million vehicles have already been recalled in 2014 for everything from power steering failure to vulnerability to spider attack.

    Check out the full list of 2014 recalls.

    April 11, 2014 1 Photo

  • news_amazonfiretv.jpg Amazon introduces Fire TV to challenge Apple in living rooms

    Amazon.com Chief Executive Officer Jeff Bezos is stepping up efforts to win over customers in their living rooms with a $99 TV box for watching digitally delivered shows and movies, challenging Apple's TV device.

    April 3, 2014 1 Photo

  • news_zuckerberg.jpg The logic of Facebook's multibillion-dollar shopping spree

    Yet again, Facebook has spent a gaudy sum of money to buy a hot startup. This time, it's virtual reality pioneer Oculus VR, at a purchase price of $2 billion. And don't be surprised if Mark Zuckerberg continues on his buying spree.

    April 2, 2014 1 Photo

  • money.jpg Poor aren't alone in living check to check

    When you hear the term "paycheck to paycheck," you probably think of low-income households struggling to make ends meet. That's even the title of a new HBO documentary highlighting the plight of America's working poor.

    March 26, 2014 1 Photo

Poll

Would you like to see the Johnstown Community Corrections Center remain open after its lease runs out on Oct. 11, 2015?

Yes
No
I'm not sure
     View Results
Order Photos


Photo Slideshow

House Ads