According to a new report published by home valuation website Zillow.com housing prices are finally stabilizing. Cheif economist for Zillow, Stan Humphries said that properties in 48 of the 154 markets tracked by Zillow rose in value this year. “We believe that demand will come under downward pressure as mortgage rates creep back up after the first quarter and that housing supply will experience upward pressure as the volume of foreclosures continues to remain high. Both these factors will challenge the recent stabilization of home prices,” Humphries said in a statement.
Areas where home prices rose the most in 2009 were:
Boston
Providence
Denver, Colo.
Atlanta, Ga.
Rochester, N.Y.
Areas where homes continued to lose the most value:
Los Angeles
Chicago
New York
Miami-Fort Lauderdale
Phoenix
