BrokerageIndustry News

U.S. home values tread water in Q3 (CHARTS)

Zillow: Home values expected to hit bottom in 2012

Celebrate your Tribe at Indie Broker Summit
Save $50 when you register using code: INDIEWEEK

U.S. home values were virtually flat in the third quarter compared to the second quarter, though they fell on a year-over-year basis, according to the latest quarterly report from property valuation site Zillow. Nationally, home values dipped 0.2 percent in the third quarter from the previous quarter, and declined 4.4 percent from third-quarter 2010, to $171,500. That represents a 28.8 percent decline from a June 2006 peak. "While we still have a ways to go in terms of home-value depreciation, the pace at which home values are falling has declined considerably during the course of this year. This slower pace signals that a stabilization is on the horizon," the report said.   Zillow said it expects home values to decline another 3 to 5 percent before reaching a definitive bottom, possibly in 2012. "We're clearly dealing with a crisis of confidence that is keeping potential buyers on the sidelines, fueled largely by high unemployment and more general economic uncertainty...