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Report shows rise in home prices

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PHOENIX (CBS5) -

The Valley real estate market could be on its way up, according to a new report released.

The Valley was on a housing incline during the boom, but when the bust happened, it was one of the first to go down. Now experts say it could be leading the way back out of the housing crisis.

"There is always a time to be a buyer, a seller, lender or a borrower," according to President of Team Investments Inc. Tanya Marchiol.

She said this is a buyer's market.

A report released by CoreLogic, a leading residential property information service, shows that home prices increased by 24.5 percent since last year in Phoenix, Mesa and Glendale. Home values rose by 6.3 percent nationally, according to the report.  

"So we are far above the national trend and there are several reasons for that, jobs being the most important," said Marchiol.

She said large companies like Amazon moved to the Valley, which provided jobs that brought renters and buyers to the area.

But homeowners we talked with are not quite as sure about the big comeback right now.

Dan Cozzetto has owned a home in the Valley for 20 years and has seen his share of hardship.

"It's worth half of what it was worth back in 07," he said about his home. "We had to relocate. I had to relocate first to keep the cash flow going in."

Cozzetto said he and his wife have been fighting to keep their home since the recession, and since home values are creeping back up, Cozzetto said he is cautiously optimistic.

"It's going to come back. I believe it's going to come back. It's just if can you weather through the storm financially."

Experts say the upward trend should continue.

"So we aren't going to see a 25 percent gain in 2013, but we will see solid 10s to 15s,"said Marchiol.

The study also shows that home prices are expected to rise by 7.1 percent in November of this year compared to November 2011.

Copyright 2012 CBS 5 (Meredith Corporation). All rights reserved.

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