Shrinking supply of homes for sale has upended market dynamics

Shrinking supply of homes for sale has upended market dynamics
One of the sobering fundamentals shaping real estate this summer is shrinking inventory: The supply of houses for sale has fallen significantly in most areas compared with a year earlier, sometimes dramatically so…

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Home values post first annual increase in nearly five years

Home values post first annual increase in nearly five years
The Zillow Home Value Index rose in the second quarter on an annual basis for the first time since 2007, increasing 0.2 percent year-over-year to $149,300, according to Zillow’s Real Estate Market Reports. Values have risen for four consecutive months.

Nearly one-third of the metro areas covered by the Real Estate Market Reports posted annual increases in home values.

Looking ahead, two in five markets covered by
the Zillow Home Value Forecast are expected to see increases in home values over the next year

Foreclosures continued to fall in June, with 5.8 out of every 10,000 homes lost to foreclosure. Foreclosures have been declining since January, when 7.9 out of every 10,000 homes were lost to foreclosure. This number is expected to increase in the future, as foreclosure starts have increased since the completion of the National Foreclosure Settlement.

Foreclosure resales also fell, making up 15.6 percent of all sales in June. Foreclosure resales have been falling since February, when they made up 18.8 percent of all sales…

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