dcsimg

U.S. Home Prices Stabilize

Posted on December 16 By Francine Huff

Charleston, W.Va., had the biggest year-over-year rise in median home value in October, according to Zillow. The Zillow Home Value Index measures the median value of all homes in an area. New Orleans and Wilmington, Del., saw the next biggest price appreciation.

The list is comprised of cities with populations of more than 20,000. Other cities that made the top 10 include Amherst, N.Y., West Seneca, N.Y., Mequon, Wis., Rochester, N.Y., Cheektowaga, N.Y., Florence, S.C., and North Little Rock, Ark.

The cities showed improvement in home values this year as U.S. housing prices stabilized. U.S. home values lost $489 billion during the first 11 months of 2009, compared with a $3.6 trillion loss in 2008.

So what helped the housing market this year? Super low mortgage rates and the home buyer tax credit played a huge role. But challenges lie ahead for the U.S. housing market.

"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," Dr. Stan Humphries, Zillow's chief economist, said in a statement.

This entry is filed under Real estate , General information . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response.
National Mortgage Rates National Refinance Rates
2.64%
Compare Local Rates

0 Responses to "U.S. Home Prices Stabilize"

No Comments

Leave a Comment
 
Get Mortgage Loan Quotes Now
  • Free Quotes
  • No Hidden Fees
  • No Obligations
  • Refinance
  • New Home Loan
  • Home Equity
  • Debt Consolidation
  • FHA Loan Orientation Guide
  • FHA Loan Orientation Guide

    Use our FHA Guide to find answers to all questions related to FHA loan.

    Click here to Download

Compare Mortgage Rates