Bloomberg: Home Values in Most Large U.S. Cities Bottoming, Zillow Says
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Home values in more than half of major U.S. markets will probably reach a bottom by December as the five-year slide in prices comes to an end, according to a forecast by Zillow Inc. (Z)
Nineteen of 30 large metropolitan areas have already reached a floor or will by late 2012, the Seattle-based property data provider said in a report today. Among the regions that are at the bottom, Phoenix and Miami are poised to have the largest price increases through March 2013, gaining 6.5 percent and 5.6 percent, respectively. Atlanta will have the steepest decline, falling 4.1 percent, the company projected.
The U.S. housing market, bolstered by job growth, has shown some improvement. Home values nationwide climbed 0.5 percent in March from February, the biggest monthly increase since May 2006, according to the seasonally adjusted Zillow Home Value Index. Prices are 25 percent below the May 2007 peak and will be little changed through the end of the year, the company said.
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