notice of homeowner of value were higher than those of the evaluators for 10 th consecutive months. The good news is that the gap has narrowed to 1.87 percent. This is the third month in a row that the two groups are similar.
home values are on the rise, up 1.08 percent in November. They increased by 4.84% since last year.
home price Perception Index (PPIS)
the views of the owners and evaluators continue to move closer together, despite the fact that the homeowners overvalued their homes for the 10 consecutive months.
while the owners are home overall overstatement, the number varies quite a bit from town to town.
"the variation of the HPPI values nationwide is a reminder of how localized real estate really is," said Bob Walters, Economist in Chief ready Quicken. "While the home values continue to leap forward on the West Coast, it takes time for the owner to recognize these gains. In the same vein, the home value increases are moderate in much of the country, causing the owners to be too optimistic about the value of their property. "
regarding regional data, homeowners are home of 1.52% in the West and 1.91% overvaluation in the South. The Midwest and Northeast have the biggest shortcomings with a difference of 2.06 percent and 2.14 percent, respectively.
regional data is not the whole story. 13 markets, appraisers are valuing homes for more homeowners think they are worth. In San Jose, CA, evaluators are valuation 5,15% higher than homeowners. Philadelphia is on the opposite end of the spectrum, with the thought that their homes are worth 3.33% more they are homeowners.
home value Index (HVI)
home values across the country are on the rise, 1.08% since October and 4.84% since last year.
this may or may not actually be a good thing because a large part of the growth is fueled by a lack of housing available in many markets. Pent-up demand higher prices, but it also may be too steep for many home buyers.
"Home values continue to move higher as the economy improves and increases the desire for home ownership," Walters explained. "The gains are not equal. In some areas, demand is robust, leading to considerable home value increases. Other markets are more balanced, more stable measured resulting in growth of the home value. "
the South opened the way to price gains, up 1.65 percent in November. It was followed by the Northeast, who won 1.24 percent. The West and the Midwest closed with gains of 0.57 percent and 0.33 percent.
the ready Quicken home price Perception and home value index are released on the second Tuesday of every month on the press room.