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30 Major Metros Record Home Value Gains In February As Recovery Becomes More Widespread



 30 Major Metros Record Home Value Gains In February As Recovery Becomes More
                                  Widespread

February Marks 16th Consecutive Month of Home Value Gains

PR Newswire

SEATTLE, March 21, 2013

SEATTLE, March 21, 2013 /PRNewswire/ -- Home values nationwide rose for the
16^th straight month in February to a Zillow® Home Value Index[i] of $158,100,
and all 30 of the largest metro areas covered by Zillow registered both
monthly and annual appreciation as the housing market recovery became more
widespread in advance of the traditional spring home shopping season,
according to the February Zillow Real Estate Market Reports[ii].

U.S. home values rose 0.1 percent in February compared with January and were
up 5.8 percent year-over-year. The 5.8 percent annual gain is the
second-largest since August 2006, exceeded only by January's 6 percent
year-over-year jump. The last time national home values were at this level was
in June 2004.

For the 12-month period from February 2013 through February 2014, U.S. home
values are expected to rise 3.2 percent to approximately $163,100, according
to the Zillow Home Value Forecast[iii]. This rate is well below the 5.6
percent annual rate of appreciation recorded in 2012, and is in line with
Zillow's expectations that home value appreciation will slow to closer to
historic norms of between 3 percent and 5 percent in coming years.

"The housing market recovery has continued to gain momentum over the past
several months and looks firmly entrenched as we enter the 2013 spring home
shopping season," said Zillow Chief Economist Dr. Stan Humphries. "We expect
that rising home values will continue to help cure many of the ills still
facing the housing market, including high levels of negative equity. Rising
home values will free many more homeowners from negative equity, allowing some
of them to list their homes for sale which, in turn, will ease supply
constraints. Burgeoning new construction will also help bring more supply into
the marketplace. As more supply comes on line, home value appreciation rates
will moderate and stabilize, marking the final transition from a recovering
market to a healthy and sustainable market."

Of the 30 largest metro areas covered by Zillow, markets where home values
increased the most over February 2012 included Phoenix (+22.9 percent), San
Francisco (+18.6 percent), Las Vegas (+18.1 percent), San Jose (+17.1 percent)
and Sacramento, Calif. (+15.3 percent). Only 73 of the 352 total metro markets
covered by Zillow experienced year-over-year home value declines in February.

National rents rose slightly in February compared with January, up 0.1 percent
to a Zillow Rent Index[iv] of $1,282. Year-over-year, national rents were up
4.5 percent in February.

The number of completed home foreclosures in February fell to 5.25 homes
foreclosed out of every 10,000 homes nationwide, down 0.8 homes from January
and 2.5 homes from February 2012. Foreclosure resales represented 13.71
percent of homes sold in February, up 1.2 percentage points from January but
down 3.5 percentage points from February 2012.

                 Zillow Home Value Index         Zillow Rent Index
Metropolitan     Feb.      Month-Month Year-Year Feb.   Month-Month Year-Year
Areas                      % Change    % Change  2013   % Change    % Change
                 2013 ZHVI                       ZRI
United States    $158,100  0.1%        5.8%      $1,282 0.1%        4.5%
New York         $346,500  0.1%        2.0%      --     --          --
Los Angeles      $427,100  1.1%        11.4%     $2,304 0.4%        3.2%
Chicago          $162,700  0.2%        2.5%      $1,518 0.2%        3.7%
Dallas-Fort      $133,100  0.8%        6.9%      $1,331 0.2%        4.2%
Worth
Philadelphia     $189,700  0.4%        1.9%      $1,477 0.7%        0.0%
Washington, D.C. $328,700  0.4%        7.1%      $2,071 0.1%        3.3%
Miami-Fort       $157,600  1.0%        11.5%     $1,622 0.3%        3.0%
Lauderdale
Atlanta          $117,500  1.3%        4.1%      $1,137 0.3%        0.7%
Boston           $320,600  0.3%        5.0%      $1,977 0.2%        6.1%
San Francisco    $545,900  1.3%        18.6%     $2,530 0.9%        5.9%
Detroit          $84,900   2.2%        14.4%     $1,036 0.1%        2.6%
Riverside        $204,900  1.5%        14.0%     $1,589 0.1%        3.2%
Phoenix          $162,300  1.5%        22.9%     $1,165 0.4%        2.7%
Seattle          $274,200  0.4%        8.1%      $1,622 0.0%        1.6%
Minneapolis-St.  $177,800  1.1%        9.3%      $1,461 0.8%        4.8%
Paul
San Diego        $385,800  1.0%        13.9%     $2,117 0.3%        0.4%
Tampa, Fla.      $118,000  1.4%        10.9%     $1,191 0.1%        2.2%
St. Louis        $127,600  0.5%        2.2%      $1,113 0.0%        0.3%
Baltimore        $223,500  0.4%        3.7%      $1,666 0.2%        3.4%
Denver           $230,400  0.3%        12.2%     $1,551 0.5%        8.5%
Pittsburgh       $113,800  0.7%        3.7%      $971   0.0%        -4.0%
Portland, Ore.   $232,600  0.4%        8.4%      $1,414 0.0%        5.1%
Sacramento,      $231,900  1.3%        15.3%     $1,471 0.3%        3.7%
Calif.
Orlando, Fla.    $126,400  0.6%        7.9%      $1,212 0.2%        1.7%
Cincinnati       $122,400  0.2%        1.2%      $1,068 0.8%        -2.5%
Cleveland        $110,400  0.5%        1.7%      $1,100 1.2%        2.9%
Las Vegas        $133,500  1.5%        18.1%     $1,149 -0.2%       -0.9%
San Jose, Calif. $644,400  0.7%        17.1%     $2,675 0.8%        5.5%
Columbus, Ohio   $127,800  0.2%        4.5%      $1,165 1.9%        1.6%
Charlotte, N.C.  $138,200  0.1%        3.8%      $1,154 0.7%        6.4%

About Zillow:

Zillow, Inc. (NASDAQ: Z) operates the largest home-related marketplaces on
mobile and the Web, with a complementary portfolio of brands and products that
help people find vital information about homes, and connect with the best
local professionals. In addition, Zillow operates an industry-leading
economics and analytics bureau led by Zillow's Chief Economist Dr. Stan
Humphries. Dr. Humphries and his team of economists and data analysts produce
extensive housing data and research covering more than 350 markets at Zillow
Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price
Expectations Survey, which asks more than 100 leading economists, real estate
experts and investment and market strategists to predict the path of the
Zillow Home Value Index over the next five years. The Zillow, Inc. portfolio
includes Zillow.com®, Zillow Mobile, Zillow Mortgage Marketplace, Zillow
Rentals, Zillow Digs™, Postlets®, Diverse Solutions®, Buyfolio™, Mortech™ and
HotPads™. The company is headquartered in Seattle.

Zillow.com, Zillow, Zestimate, Postlets and Diverse Solutions are registered
trademarks of Zillow, Inc. Buyfolio, Mortech, HotPads and Digs are trademarks
of Zillow, Inc.

[i] The Zillow Home Value Index is the median Zestimate® valuation for a given
geographic area on a given day and includes the value of all single-family
residences, condominiums and cooperatives, regardless of whether they sold
within a given period. It is expressed in dollars, and seasonally adjusted.

[ii] The Zillow Real Estate Market Reports are a monthly overview of the
national and local real estate markets. The reports are compiled by Zillow
Real Estate Research. For more information, visit www.zillow.com/research. The
data in Zillow's Real Estate Market Reports is aggregated from public sources
by a number of data providers for 923 metropolitan and micropolitan areas
dating back to 1996. Mortgage and home loan data is typically recorded in each
county and publicly available through a county recorder's office. All current
monthly data at the national, state, metro, city, ZIP code and neighborhood
level can be accessed at www.zillow.com/local-info/

[iii] The Zillow Home Value Forecast uses data from past home value trends and
current market conditions, including leading indicators like home sales,
months of housing inventory supply and unemployment, to predict home values
over the next 12 months for the nation and for more than 250 markets across
the country.

[iv] The Zillow Rent Index is the median Rent Zestimate (estimated monthly
rental price) for a given geographic area on a given day, and includes the
value of all single-family residences, condominiums, cooperatives and
apartments in Zillow's database, regardless of whether they are currently
listed for rent. It is expressed in dollars.

SOURCE Zillow, Inc.

Website: http://www.zillow.com
Contact: Cory Hopkins, Zillow, +1-206-757-2701 or press@zillow.com
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