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03/04/2013

FW area home prices rise 1.1 percent from the third quarter of 2012 and 2011

The latest quarterly Fiserv Case-Shiller Home Price Index finds that average home prices rose 1.1 percent in the Fort Worth metro area between the third quarter 2012 and the third quarter 2011, and prices are expected to rise another 0.9 percent by the third quarter of this year.

Moreover, the index is predicting home prices in Fort Worth to grow 3.6 percent between the third quarter and the third quarter 2014.

Fiserv Case-Shiller quarterly analyzes home prices in more than 380 U.S. metro markets.

Nationwide, home prices are expected to increase 0.6 percent in the 12-month period from the third quarter of 2012 and 2013 and are projected to grow at an annualized rate of 3.3 percent from the third quarter of 2012 to the third quarter of 2017.

"2012 was the first year since 1997 that the housing market has resembled something recognizable as normal," said David Stiff, Fiserv’s chief economist. "Back in 1997, housing prices grew 3 percent, just below the 5 percent long-term average rate of appreciation. From 1998 to 2006, prices appreciated at levels above 5 percent, with double-digit price increases in many of those years. Then, after 2006, the market collapsed as euphoria turned to panic. It took until the end of 2011 before housing markets finally started to stabilize."

At the end of the 2012 third quarter, prices were rising in 62 percent of all U.S. metro areas, compared to 12.5 percent in the same period 2011, Fiserv said.

Average U.S. home prices increased 3.6 percent from the third quarter of 2011 to the comparable period of 2012.

_ Sandra Baker

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