December 26th, 2012, 11:57 am
Posted by Jeff Collins
The value of homes in the Los Angeles-Orange County area jumped $122 billion in 2012, the biggest cumulative gain of any major metro area in the nation, the online real estate site Zillow.com reports.
The gain boosted L.A.-O.C. home values to a combined $1.8 trillion, Zillow said.
Nationwide, home values increased $1.35 trillion this year to a combined value of about $23.7 trillion.
“The housing market really turned a corner in 2012, as historic affordability and sustained investor interest helped keep demand at a boil,” Zillow Chief Economist Stan Humphries said. “We expect value gains to continue into 2013.
“As home values rise and more homeowners are freed from negative equity, we can expect a continued slow transition to a more normal housing environment.”
The total value of all U.S. homes increased for the first time in five years, according to the Zillow report. Values increased by $483 billion in 2006, then fell from 2007 through 2011.
To read entire brief, click here.