Housing Markets Most Likely to Have Hit Bottom

Posted 8 Dec 2009 | Photo: Getty Images | Source: Zillow.com In a recession exacerbated by turmoil in the housing market, some areas around the U.S. may finally be seeing a light at the end of the tunnel.Zillow.com's 2010 "Markets to Watch" reveals local markets that saw their real estate bubble burst but have since experienced month to month price appreciation and more than six months of favorable change: either decreasing year-over-year (YoY) price declines or YoY price gains. With this price data, it is reasonable to suggest that these 12 local markets are at, near or just coming off the home value bottoms. However, Zillow is careful to note that "increasing foreclosures are always a possibility, and have the potential to derail any market's recovery."So, what are the real estate markets most likely to have hit bottom? Click ahead to find out!By Paul Toscano

Photo: Getty Images Fall from peak: 13.7%Months with YoY favorable change: 8Current YoY change: -1.0%Current month-to-month change: 0.9%

Photo: Getty Images Fall from peak: 20.7%Months with YoY favorable change: 9Current YoY change: 1.8%Current month-to-month change: 1.2%

Photo: Getty Images Fall from peak: 7.2%Months with YoY favorable change: 7Current YoY change: 3.8%Current month-to-month change: 1.0%

Photo: Getty Images Fall from peak: 32.2%Months with YoY favorable change: 12Current YoY change: -4.2%Current month-to-month change: 0.4%

Photo: Getty Images Fall from peak: 16.5%Months with YoY favorable change: 10Current YoY change: 1.5%Current month-to-month change: 0.6%

Photo: Getty Images Fall from peak: 8.3%Months with YoY favorable change: 8Current YoY change: -0.9%Current month-to-month change: 0.2%

Photo: Getty Images Fall from peak: 13.5%Months with YoY favorable change: 8Current YoY change: -1.3%Current month-to-month change: 0.8%

Photo: Getty Images Fall from peak: 14.6%Months with YoY favorable change: 8Current YoY change: -3.9%Current month-to-month change: 0.3%

Photo: Getty Images Fall from peak: 10.6%Months with YoY favorable change: 7Current YoY change: -4.1%Current month-to-month change: N/A

Photo: Getty Images Fall from peak: 18.0%Months with YoY favorable change: 7Current YoY change: -4.3%Current month-to-month change: 0.3%*NY Metro area includes New York, Long Island and Northern New Jersey.

Photo: Getty Images Fall from peak: 32.7%Months with YoY favorable change: 12Current YoY change: -4.5%Current month-to-month change: 0.2%

Photo: Getty Images Fall from peak: 25.5%Months with YoY favorable change: 10Current YoY change: -4.5%Current month-to-month change: N/A

© 2012 CNBC.com