Home Prices Up For First Time Since 2007

According to Zillow, single-family home prices are up over 2% from the first quarter of this year, and .2% annually, showing an increase for the first time in five years. Interestingly, the housing recovery seems to be underway despite sluggish job growth, indicating some measure of organic growth. According to Zillow Chief Economist Stan Humphries, the housing recovery will continue along, but will be very slow. Foreclosures remain a big risk to the overall housing industry. Due to the national foreclosure settlement, the number of foreclosures is expected to increase nationwide.


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