Research firm Zillow reported home prices rose 5.9% last year and should be up another 3.3% in 2013.
As ought to be expected, given the magnitude of the drop in some markets and only modest downturn in others, the recovery has not been even. Zillow’s data show:
In many areas, the past few years have been quite the roller coaster. In the Phoenix metro, for example, home values peaked in the first quarter of 2006 at $282,600. They bottomed in the third quarter of 2011 at $123,900. From peak to trough, a period of roughly five years, home values in the Phoenix area fell by a staggering 56.2 percent. But over the past year, home values in the Phoenix metro shot up by 22.5 percent — and are expected to rise another 8.5 percent in 2013. Several other metros, including Las Vegas and Miami, experienced similar rides over the past few years.
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