Home prices up ā€˜unsustainableā€™ 5.9% in 2012

Posted by Forexsq 985 days ago (http://www.marketwatch.com)
img The value of American homes climbed 5.9% in 2012, the largest annual gain since the summer of 2006, or near the peak of the housing bubble, according to data released Tuesday by real-estate information provider Zillow Inc.

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 Z +2.82% said.

ā€œGood news for homeowners after years of poor performance,ā€ Stan Humphries, Zillowā€™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.ā€

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