Could it be? Home prices actually stabilized this past year?
Apparently so, says a new analysis just out from Zillow Real Estate Market Reports.
The report says that prices, in fact, stabilized in 2009—but not before losing “trillions of dollars in value” in 2008.
Even better news this holiday season, according to Zillow: about one in three markets surveyed showed gains in the value of homes.
But don’t go reaching for that egg nog just yet.
Zillow’s chief economist ( and he is certainly not alone on this one) fears that as mortgage rates go back up from some historic lows, and as the number of foreclosures continues to grow, “these factors will challenge the recent stabilization of homes prices,” he is quoted by Reuters as saying.
So, we now know what the years 2008 and 2009 meant for home prices. If only we could predict with any degree of certainty what 2010 will mean for them!
Photo: Burning Image