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Housing Market May Be Approaching Bottom

Last week, Zillow, a real estate information marketplace, released housing data for the third quarter of 2011. According to the report, home values in the U.S. remained almost unchanged from the prior quarter, declining 0.2 percent.

Zillow says that the rate of home value decline has been slowing, and Zillow Chief Economist Dr. Stan Humphries is predicting a housing bottom in 2012.

According to Zillow, in the San Francisco metropolitan statistical area, the Zillow Home Value Index declined 1.7% in the third quarter from the second quarter, and declined 7.5% year-over-year; the index is down 33.8% from it’s peak. 24.7% of homeowners in the San Francisco metro area owe more on their mortgage than their home is worth.

According to ForeclosureRadar.com, another housing information service, some 85 houses across Alameda are in foreclosure and up for auction. Many others are already ‘bank-owned’ – taken back from the homeowner by the lender.

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