Home Values Rise for 12th Consecutive Month – NMP Skip to main content

Home Values Rise for 12th Consecutive Month

NationalMortgageProfessional.com
Nov 21, 2012

National home values continued their year-long climb in October, rising 1.1 percent from September to a Zillow Home Value Index of $155,400, according to the October Zillow Real Estate Market Reports. The monthly increase was the largest since August 2005, when home values rose 1.2 percent month-over-month, and represents the 12th consecutive monthly increase. Annually, home values were up 4.7 percent from October 2011, the largest gain since September 2006. Of the nation's 30 largest metro areas covered by Zillow, only Chicago experienced monthly home value declines. Additionally, 26 of the country's largest metros experienced year-over-year value increases. Major markets where home values increased the most over the past year include Phoenix (22.3 percent), San Jose (11.4 percent), Denver (10.4 percent), San Francisco (9.5 percent) and Miami-Ft. Lauderdale (8.8 percent). National rents were largely flat month-to-month, falling 0.1 percent to a Zillow Rent Indexiii of $1,279. Year-over-year, rents nationwide were up 5.4 percent and rose on an annual basis in all but three of the largest metros surveyed. "We've reached a milestone with one full year of monthly home value gains," said Zillow Chief Economist Dr. Stan Humphries. "Those dubious about the durability of the housing recovery will point to the large role that investors are playing in the recovery, or to the large number of foreclosures yet to hit the market, as factors to be wary of. But the bottom line is that homes are more affordable now than at any time in recent memory, and buyers are seizing this opportunity. We expect to see increasing numbers of potential buyers entering the market as the broader economy continues to recover and household formation picks up further. We're hopeful that negotiations over the 'fiscal cliff' don't derail this momentum." Foreclosures also fell in October, with 5.57 out of every 10,000 homes in the country being foreclosed during the month. That was down 0.8 percent from September, and down 1.9 percent year-over-year.
Published
Nov 21, 2012
Angel Oak Home Loans Opens 3 New Branches

Continues expansion in Western U.S. with new branches in California, Nevada & Utah.

Industry News
Dec 02, 2021
Open Mortgage Names New President

Joe Stephenson, formerly of American Advisors Group, to lead daily operations.

Industry News
Dec 01, 2021
Homepoint Expands Refinance Program Offerings

Now offers Freddie Mac’s new refinance option, Refi Possible, making it easier for many homeowners with a Freddie Mac-owned mortgage to reduce their interest rate.

Industry News
Nov 30, 2021
Non-QM Lender Deephaven Hires Business Development VP

Dallas-based Tim Fisher charged with growing Deephaven’s correspondent business In Texas and surrounding states

Industry News
Nov 30, 2021
Biden Reappoints Powell As Federal Reserve Chairman

A signal that The Fed will continue its policies as inflation surges and economic uncertainty spikes due to an emerging variant of the coronavirus. 

Industry News
Nov 29, 2021
Servion Taps Sagent For Consumer-First Servicing Tech Stack

A 7-year deal between Servion Mortgage and Sagent will equip Servion with Sagent's tech stack for performing, non-performing, and consumer experience.

Tech
Nov 29, 2021