Home values see first gain since 2006

Home values saw their first cumulative gain since 2006 and the largest since 2005, according to a recently-released report from Zillow.

Value gains for U.S. homes totalled $1.3 trillion in 2012. Gains are calculated by measuring home values at the end of 2011 and comparing them with those predicted for the end of 2012.

As home prices continue to increase across the country, home values are growing more than they have since years before the start of the recession. Additionally, thousands of homeowners who were underwater for years are now seeing their finances right themselves as their homes are once again valued above the amount owed to mortgage lenders.

Rental property managers who are concerned about the growth of the housing market can take heart in the fact that the continually-growing home prices will likely prevent many renters from purchasing a home. As the homes gain value, low-income individuals looking for housing will continue to submit rental applications to property mangers.