Nearly One in Three Markets See Gains in Home Values according to Zillow.com.
“Home values stabilized significantly during the second half of 2009, with the total dollar value of U.S. homes increasing since June,” said Dr. Stan Humphries, Zillow’s chief economist. “Most housing markets across the country had a good summer, spurred largely by the government’s tax credits for homebuyers combined with very low mortgage rates. Unfortunately, we believe that demand will come under downward pressure as mortgage rates creep back up after the first quarter and that housing supply will experience upward pressure as the volume of foreclosures continues to remain high. Both these factors will challenge the recent stabilization of home prices.”
Housing Markets with Biggest Dollar-Value Gains in 2009 Total Total Zillow Home Home Value Total Home Home Value Index Change in Value Change Value YoY Change Region 2009 in 2008 Nov. 2009 (Oct.) Boston, Mass. MSA $23.3 billion -$53.4 billion $540.4 billion 1.5% -------------------------------------------------------------------------- Providence, R.I. MSA $12.4 billion -$28.7 billion $148.6 billion 1.8% -------------------------------------------------------------------------- Denver, Colo. MSA $10.7 billion -$20.2 billion $215.7 billion -0.9% -------------------------------------------------------------------------- Atlanta, Ga. MSA $7.6 billion -$49.9 billion $322.2 billion -1%
This is substantial news in north Georgia where changes in the real estate market seem to start in metro Atlanta and spread out across the rest of the region. With still current record low mortgage rates and a new home buyer tax credit to jump start home sales as we move into the new year, one can only feel confident about the prospects of 2010!
