U.S. Home Values Jump the Most Since 2006, Zillow Says – Bloomberg 10-23-12

Salient to Investors:

Zillow reports US home values in Q3 was the biggest gain since Q1 2006. Growing demand from investors and foreign buyers is raising values in areas hard-hit by the housing crash. Phoenix rose the most, Atlanta dropped the most. Zillow forecasts prices will increase 1.7 percent over the next year.

Stan Humphries at Zillow said home prices fell from Q2 in 52 percent of markets. Humphries said the housing market is on the mend, but the bottom will be protracted, and the recovery is uneven because of local variations in foreclosure conditions and employment.

Zillow measures the value of 100 million US homes regardless of whether they sold during the quarter, whereas the S&P/Case-Shiller index tracks purchase prices.

Read the full article at http://www.bloomberg.com/news/2012-10-23/u-s-home-values-jump-the-most-since-2006-zillow-says.html