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FBN's Adam Shapiro breaks down results of a new report by Zillow on the state of the housing market.
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Thank you -- by the big headline of the day the housing market finally hitting bottom according to a new report that's out from the real estate website zillow dot com talking home prices went out of Shapira he had that -- And this is encouraging news for people who are going to believe this but for four months in a row the average values have actually been going up according to zillow now at a 149300.
So what we saw was in roughly June.
There's are at least in the second quarter prices -- -- values went up two tenths of a percent compared to a year ago.
Now this is encouraging considering what we've seen going on zillow is predicting.
That prices will continue to go one point 1% over the next year they saw increases.
In roughly a third of the markets that they measure roughly 67 markets and all -- 53 markets.
In all but one of the problems going forward is they're still roughly three million homes which are going to hit the market.
In foreclosure and could bring down prices.
Not a guarantee but that's one thing they point to as cause for concern -- in fact Stan Humphries.
The economists from -- who will be on the Fox Business Network at 1 PM you're gonna wanna see that he actually said the housing recovery is holding together despite lower than expected job growth.
Indicating that it has some quote.
Organic strength of it sounds that's encouraging for a lot of people it is an interesting.
Overall headline how about.
-- all real estate is local they -- -- -- a breakdown in terms of markets that are doing well on those that maybe aren't well I took the hardest hit markets from the economic downturn because we haven't seen prices go up they have -- -- -- -- since 2007.
Phoenix was up twelve point 1% but remember they fell almost 40%.
From the peak Miami was up 6% but then -- get places that -- are still struggling Atlanta down 6%.
Chicago down 5% --
