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Rising home values could benefit home sellers

September 7, 2010 - Elevated foreclosure levels have had a negative affect on home values around the nation, making it tougher for homeowners to sell their home and relocate.

To the benefit of those individuals, home values were on the rise in the second quarter, reported Freddie Mac. According to the company's most recent Conventional Mortgage Home Price Index, home values were 3.2 percent higher than they were in the first quarter, rising in all nine Census divisions. It was the first time in a year that all nine Census divisions reported higher home values.

"We saw increases in home values in the second quarter that were very strong across all regions - there is no doubt that some of this was due in part to the now-expired homebuyer tax credits which boosted sales activity as well as to the usual seasonal bump we see each Spring," said Freddie Mac's deputy chief economist Amy Crew Cutts.

The largest improvements were seen in the East North Central Division, which consists of Illinois, Indiana, Michigan, Ohio and Wisconsin. The second quarter brought 4.9 percent increase in those states, which could be welcome news for people selling their homes there.

Rising foreclosures in other parts of the country, such as Nevada, threaten to drive home prices down there. Las Vegas was the only city on the S&P/Case-Shiller Home Price Index to experience falling prices in the year's second quarter.

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