The Zillow Home Value Index fell 26% from its peak in June 2006. That’s a greater decline than seen in the Depression-era years of 1928 to 1933.
According to Zillow.com, "November marked the 53rd consecutive month of home value declines, with the Zillow Home Value Index (ZHVI) falling 0.8% from October to November, and falling 5.1% year-over-year.”
But the news isn’t all bad. If you’ve gathered around the office water cooler to catch up with colleagues, maybe you’ve noticed a bit of optimism blossoming. It’s not just a feeling, it’s real. According to Zillow Research, the economy is improving. The improvement is expected to gradually increase "household formation and consumer confidence”. But the housing market may still face greater declines due to "excess inventory of homes, high negative equity and foreclosure rates, and weakened demand due to elevated unemployment.” reported Zillow.com.
However, if you’ve been watching, waiting, and wondering when to buy, now the time to take note. While no one has a crystal ball to predict what will happen with the housing market, some experts are reporting that an uptrend will occur later this year. They’re basing their beliefs on the job market. Some predictions indicate it will improve half-way through this year while "homebuilder exchange traded funds are above their 200-day moving averages,” according to ETFTrends.com
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