November 27th, 2012
Zillow.com recently announced that home values rose for the 12 consecutive month in October, up 1.1 percent from September and 4.7 percent from October 2011!
The month-over increase is the highest its been since August 2005, which saw a 1.2 percent increase, and the year-over increase is the highest since September 2006, proving that the housing market is well on its way to recovery.
“Skeptics 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,” said Stan Humphries, Zillow Chief Economist.
In Portland, Maine, the year-over increase is 11 percent, according to Zillow. To see how home prices are doing in your neighborhood, visit www.zillow.com/local-info