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Alison Kosik
New York

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Alison Kosik
New York

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Home values are rising for the first time in five years. Does this mean the worst is over? Alison Kosik has more from New York.
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HOME VALUES TOOK A SERIOUS HIT DURING THE RECESSION, BUT THE WORST MAY BE OVER.
HOME PRICES GREW POINT-2-PERCENT IN THE SECOND QUARTER, COMPARED TO THE SAME TIME LAST YEAR.
IT MAY BE A SMALL INCREASE, BUT THIS IS THE FIRST POSITIVE MOVE IN FIVE YEARS.
ZILLOW, THE REAL ESTATE WEBSITE THAT CRUNCHED THE NUMBERS SAYS HOME PRICES SEEM TO HAVE HIT BOTTOM.
THAT ISN'T A BAD THING.
THE MARKET NEEDS TO HIT BOTTOM BEFORE IT CAN RECOVER.
BUT THE GROWTH ISN'T SPREAD EQUALLY ACROSS THE COUNTRY.
IN MOST OF THE CITIES SURVEYED BY ZILLOW, PRICES HAVE DROPPED OVER THE PAST YEAR.
THE BIGGEST DECLINE WAS IN CHICAGO, WHERE THE AVERAGE HOME LOST NEARLY SIX-PERCENT OF ITS VALUE.
BUT THERE ARE SOME BIG GAINS OFFSETTING THOSE LOSSES, AND SKEWING THE OVERALL NUMBER HIGHER.
FOR EXAMPLE, HOME PRICES IN PHOENIX HAVE GROWN TWELVE-PERCENT.
AND IN MIAMI, PRICES ARE UP MORE THAN 6-PERCENT.
BUT THESE ARE CITIES HIT HARDEST BY THE HOUSING CRISIS, SO THE BIGGER THE HIT, THE BIGGER THE RECOVERY.
HOWEVER, EVEN WITH THE GROWTH, HOME PRICES NATIONWIDE ARE LOWER THAN THEY WERE BEFORE THE RECESSION.
VARIOUS REPORTS SAY PRICES ARE DOWN TWENTY-TO-THIRTY-PERCENT SINCE THEN.
SO THERE'S STILL A LOT OF GROUND TO MAKE UP.
AND WITH A RECOVERY THIS SLOW, IT'LL BE A LONG TIME BEFORE HOMEOWNERS REGAIN WHAT THEY'VE LOST.
I'M ALISON KOSIK IN NEW YORK.
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