Online real estate information marketplace Zillow released their Q1 2012 Real Estate Market Report. While the housing market nationwide is expected to reach a bottom by the end of 2012 or early 2013, standout markets like Phoenix and Miami-Fort Lauderdale are predicted to have the highest increase in home prices in the next year.
Following are key findings gleaned from the Zillow report:
- U.S. home values rose 0.5 percent from February to March, marking the largest monthly increase since May 2006, before home values peaked.
- Nineteen of the 30 markets covered by Zillow Home Value Forecast will reach a bottom in home values in 2012, or have already reached a bottom.
- In the Phoenix and Miami-Fort Lauderdale metros, Zillow predicts significant home value increases of 6.5 and 5.6 percent respectively in the next 12 months.
- Nationally, Zillow predicts home values will remain flat during the next 12 months, reaching a bottom in late 2012 or early 2013.
- Foreclosures declined during Q1 to the lowest rate since 2009.