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Tuesday
Jul242012

Housing Market Turning the Corner After Five-Year Slump

Stockbyte/Thinkstock(NEW YORK) -- For the first time in five years, home prices have posted an annual increase, says real estate information firm Zillow.

The rise is small -- just 0.2 percent -- but after a long, deep slump the market is looking up.

"After four months with rising home values and increasingly positive forecast data, it seems clear that the country has hit a bottom in home values," says Zillow's Chief Economist Stan Humphries. "The housing recovery is holding together despite lower-than-expected job growth, indicating that it has some organic strength of its own."

The largest price rise over the past 12 months -- 12.3 percent -- came in Phoenix, one of the hardest-hit markets during the housing bust.  

The Zillow Home Value Forecast shows that in most markets prices will rise modestly over the next year.

Copyright 2012 ABC News Radio







ABC News Radio