This CNN piece has a bunch of problems, but we can still pull out the gist.
Citing data from Zillow (which CNN refers to as “an industry report”), the headline reads “Home values rise for first time in 5 years.”
What it means is that quarterly prices rose for the first time since 2007 — from Q2 2011 to Q2 2012. In fact, prices have risen before from year to year, but this is the first time Zillow is reporting a quarterly gain from year to year. So I guess that means “the first time.” Oh, and also note that Zillow didn’t include foreclosures or REOs in its data.
But heck, it’s good news, so we’ll take it.
But let’s not get carried away, folks:
“[I]t seems clear that the country has hit a bottom in home values,” said Zillow’s chief economist Stan Humphries.
Never, ever, ever call a top or a bottom. The chances of you being right are slim.