According to a RPX Housing Market Report released on June 10, evidence shows that the decrease in home values has begun to stabilize. Graphs released by Radar Logic in April show that though values continually fell from June 2008 to February 2009, the values have remained steady since February.
The National Association of Realtors (NAR) backed up this data by stating that home sales increased by 3.2 percent in just one month, previously stated in one of our blogs from May, and have continued to do so. Foreclosed homes are being bought at a discounted rate, which, according to NAR’s chief economist, will “set the stage for healthy market conditions going forward.”
While it’s too soon to state a definite recovery, this data offers the real estate market a sigh of relief that the home-value freefall has, for now, halted. If this continues, we may foresee a recovery in the upcoming months.
To view the graphs and the full analysis from the RPX Housing Market Report, click here.