22 Jun

Home values rose in May month-over-month and quarter-over-quarter, but fell on a yearly basis, according to Zillow’s Real Estate Market Reports.   The upside to the yearly decline is it’s the smallest year-over-year drop since October 2007.

In the New York Metro area, the monthly gain was 0.3%, quarterly gain was 0.5%, but the year-over-year values were down 3.3 %.

Sale prices rose in the NY area as well, up 1.2% month-over-month, 2.3% for the quarter although for the year there was a drop of 4.7%.

The number of foreclosures dropped in May, with 6.3 out of every 10,000 homes being foreclosed nationwide compared to 7.2 out of every 10,000 in April.

With such a slight increase in the picture, other analysts say we should not get too optimistic.

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