Wednesday, July 25, 2012

Zillow Calls Housing Bottom

Seattle-based Zillow is the center of a lot of attention, after the company called a housing bottom in the U.S. The firm, using the mass of data it collects on housing sales and listings, said the nation hit bottom in the first quarter of the year, and that home prices have no where to go but up. The comapny's call was widely reported and covered by the national press on Tuesday. Zillow said it now expects that 67 of the 156 markets it covers will experience an increase in home values over the next 12 months, with a forecast of a rise of 1.1 percent nationally in home values.