The final three months of 2012 marked five consecutive quarters of U.S. home value appreciation, and the near 6% annual jump is roughly double the historical average that has home values climbing about 3% a year, Zillow said.
“Good news for homeowners after years of poor performance,” Stan Humphries, Zillow’s chief economist, said in a statement. But Humphries cautioned consumers against expecting 2012-like gains in the future, saying we expect this recovery to continue into 2013, but at a more sustainable pace.”
The rest is here.
Without a driver for jobs, I see no reason for housing to appreciate at even 3% per year. In fact, prices today are within that percentage of the historical top of their range prior to the bubble. In other words, prices are still too high, historically, but Zillow isn't going to tell you that, at least not that way.
Buyer beware, imho.
