Phoenix leads the nation in home value gains

Phoenix leads the nation in home value gains June 5, 2012 According to CoreLogic's latest report, homes in the greater Phoenix area...

Phoenix leads the nation in home value gains June 5, 2012 According to CoreLogic's latest report, home prices in the greater Phoenix area are rising at the fastest rate in the country. Phoenix-area home prices, which include bankruptcies and short-sales properties, rose 11.3% in April from a year earlier. This was the largest gain nationwide, exceeding 10%. The second place is Dallas, which increased by 3.5% compared with the same period last year, and the third place is Washington, which increased by 2.8%. Four cities, Chicago, Atlanta, Los Angeles, and San Bernardino, continued to decline. Looking at the situation across the state, Arizona also ranks first in the country, with an increase of 8.8% over last year. DoreLogic economist Mark Fleming said that nationally, the supply of dwellings had fallen for 6.5 months in a row, a level not seen in more than five years. The Phoenix real estate market's rapid comeback is a rebound from the bottom of prices a few years ago. According to a report released by Zillow last month, more than half of the houses in Phoenix still have negative equity, ranking second in the country for negative equity, with a total of $3.9 billion. Some local experts have questioned Zillow's report's conclusions, particularly the way they compiled the data, but they agree it's understandable that the number of homes on the market has dropped significantly, so values ​​have soared. The CEO of CoreLogic said that home prices have already reflected the reduction in supply and this will continue for some time, which shows that the future of real estate is relatively optimistic. For more real estate news, please contact Tinna from Goldtrust Realty Company. Tel: (480) 287-0180 E-mail: Goldtrustrealty2010@gmail.com