June 15th, 2011 7:01 AM by Eileen Denhard
Author: Katie Curnutte, Zillow
After months of bad news, there might be a bit of a silver lining in our April Real Estate Market Reports.
Home values are still falling, but not as quickly as they were late last year. From March to April, the Zillow Home Value Index declined 0.77%, compared with a decline of 0.89% from November to December 2010.
While that’s a positive sign, home values are still falling too rapidly for the market to reach a bottom this year, says Zillow Chief Economist Dr. Stan Humphries in this month’s brief on the Zillow Research page. Declining rates of foreclosures and improving employment will be the keys to reaching the bottom, which we predict to come in 2012, at the earliest.
You can see our full April Real Estate Market Reports here.