Driven by near record low mortgage rates and lower prices, home values are finally rising in the hardest hit cities in the U.S. housing mess, according to a new Housing Predictor report.
The hike in home prices is being demonstrated in three states where the markets were devastated by the real estate collapse, Nevada, Arizona and Florida.
A slowdown of bank listed REO homes precipitated by all 50 state attorney generals filing lawsuits against the nation’s largest lenders over the robo signing scandal also contributed to the increase. Housing markets that have experienced some of the steepest deflation in home values in the nation are witnessing appreciation.
Housing markets are reeling from the real estate collapse and declining home prices in most areas of the country. But not all markets are forecast to decline in 2012. Housing Predictor was the first real estate research firm to forecast the foreclosure crisis and is currently forecasting 55 markets to appreciate in value in 2012.