Zillow: Miami-Fort Lauderdale Market 2nd Highest For 2012 Home Value Increase
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.