June 29th, 2012
Home values increased for the third consecutive month in May, according to Lauren Riefflin of Zillow, up 0.5 percent from April.
While home values continue to decline annually, the decrease from May 2011 to May 2012, which was 0.9 percent, was the smallest decline we’ve seen since October 2007, Riefflin explains. A chart from Zillow on the home value index is shown below.
Inventory is tight, and obtaining a mortgage isn’t as easy as it once was, which both work against a housing market recovery.
In other news, mortgages rates remained at an all-time low this week, hovering around 3.66 percent for 30-year rates.