“The U.S. housing market appears to have finally bottomed out, and values are up in some of the worst-hit markets like Phoenix and Miami, Zillow Chief Executive Officer Spencer Rascoff tells CNBC.
“So five years into the housing recession and down 25 percent from the peak, we are finally at a bottom,” he tells CNBC’s “Squawk on the Street”
At this stage in the cycle, housing is very much a local story, as prices remain down in places like Atlanta and Chicago, where housing equity remains negative, he says. The trends are very much based on local employment levels and how much housing fell in each region, according to the CEO of the housing-price research website.”
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