Zillow: Home Values Hold Steady, Foreclosures Slow

Home prices mostly held flat in August, increasing a modest 0.1 percent from July to August, according to Zillow’s latest Home Value Index.

Two of the nation’s hardest-hit housing markets, Detroit and Fort Myers, Fla., posted slight price gains in August, now marking several consecutive months of appreciation. But 74 real estate markets experienced slight depreciation in August in home values while 15 housing markets stayed flat, including Los Angeles, Dallas, Chicago, and Miami-Fort Lauderdale, Fla.

Sarasota is one of the cities in the US with the largest year-over-year increases in average list prices, according to the latest real estate data from Realtor.com. Based on August data of 2.2 million listings in 146 markets, Sarasota ranks as  number 6 of the top 10 places for highest year-over-year list price spikes. The average Sarasota list price was $466,785. Year-over-year increase is 15.86%

Meanwhile, the foreclosure liquidation rate — the number of homes lost to the bank — has continued to slow. In the latest survey, it continued to hold steady at about 9.2 out of every 10,000 homes foreclosed.

“Due to the robo-signing controversy, the pace of foreclosure liquidations has been slower than it would be otherwise, which is impacting home value trends positively,” Humphries says. “Eventually the pace will pick up again, putting more bank-owned homes into local markets and putting additional downward pressure on prices.”

Foreclosures remain highest in Las Vegas and Phoenix, in which more than 30 out of every 10,000 homes were liquidated in August, according to Zillow.

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