The majority of metropolitan areas covered by Zillow’s Home Value Index saw increasing home prices in July. Of the 167 areas included, 62 percent experienced price increases from the month before, with Phoenix seeing the largest spike in values. Nationally, prices were up 0.5 percent month-over-month and 1.2 percent from last year. Dr. Stan Humphries, Zillow’s chief economist, said the housing market continues to heal, as tighter inventory levels have led to the eighth consecutive month of improved home prices. According to Humphries, prices will likely soften a bit in the fall, as rising values will lift some would-be sellers out of negative equity allowing them to put their home up for sale. Also in the report, the number of foreclosures declined in July with just 5.7 out of every 10,000 homes being foreclosed, down from 6.5 the previous month. More here.


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