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Home Values in the United States Record Best Rates Since 2006
Homeowners experienced the first yearly increase in their property values since 2006. Real estate prices have increased by 6 per cent on average in the entire country. Zillow Inc., a data tracking company, revealed that that home values in the US will increase by a total of $1.3 trillion and bring the cumulative price of residential properties to a staggering $23.7 come the end of 2012. The firm also added that real estate in the US decreased by almost $800 billion in value during 2011.
The anticipated profit this year mark the first yearly rise in the past six years, when home values in the country increased by a total of $483 billion. Incidentally, that was the period prior to the burst of the subprime home loan bubble in the year that followed, inflicting an economy slowdown and recession remembered to this very day.
In mid-December 2012, the NAR (National Association of Realtors) reported that the average worth of a home in the United States was worth over $180,000 in December 2012, marking an increase of ten per cent as compared to the same period last year. Comparing the real estate situation with its neighbors, an average home in Canada was worth a little over $356,000 last month – an increase of 0.8 per cent as compared to 2011. The Real Estate Association of Canada revealed that Canadian properties were expected to rise by 0.3 per cent by the end of 2012.