As I have written before, I think housing has reached a bottom, but that the ultimate recovery may take a while- if not years- to fully play out. The following are a report from Zillow and clip from Suze Orman (love her or hate her) out today that frames this views.
From Zillow...
Zillow’s January Real Estate Market Reports, released today, show that national home values rose 0.7% from December to January to $158,100 (Figure 1). January 2013 marks the 15th consecutive month of home value appreciation. On a year-over-year basis, home values were up 6.2% (Figure 2) from January 2012 – a rate of annual appreciation we haven’t seen since July 2006 (when the rate was 7.5%), before the peak of the housing bubble. Rents are up 4.3% on a year-over-year basis (Figure 3). The Zillow Home Value Forecast calls for 3.3% appreciation nationally from January 2013 to January 2014. Most markets have already hit a bottom – with only 9 out of 260 not projected to hit a bottom within the next year – and 78 out of the 260 markets covered are forecasted to experience home value appreciation of 3% or higher.
and Orman clip from CNBC
From Zillow...
Zillow’s January Real Estate Market Reports, released today, show that national home values rose 0.7% from December to January to $158,100 (Figure 1). January 2013 marks the 15th consecutive month of home value appreciation. On a year-over-year basis, home values were up 6.2% (Figure 2) from January 2012 – a rate of annual appreciation we haven’t seen since July 2006 (when the rate was 7.5%), before the peak of the housing bubble. Rents are up 4.3% on a year-over-year basis (Figure 3). The Zillow Home Value Forecast calls for 3.3% appreciation nationally from January 2013 to January 2014. Most markets have already hit a bottom – with only 9 out of 260 not projected to hit a bottom within the next year – and 78 out of the 260 markets covered are forecasted to experience home value appreciation of 3% or higher.
and Orman clip from CNBC
Additionally, the elephant in the room that is seldomly mentioned is what affects are the Fed's stimulus having on the housing rebound and are these affects sustainable?
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