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Phoenix, Ariz.

Projected bottom in home values: Q3 2011
Projected 1-year home value growth: +6.5%
Peak in home values: March 2006
Fall from peak: -54.2%

Out of all of the metro areas analyzed by Zillow, Phoenix is expected to experience the most significant rise in home values through March 2013. “Phoenix is doing so well it makes you scratch your head,” says Humphries. “What we expected for most markets was an L-shaped recovery, and Phoenix is defying that trend.” One of the major driving forces behind this push is the investor dynamics of the city. Because of the large number of foreclosures Phoenix, has attracted second-home buyers, retirees and international buyers, as well as those looking for investment properties.

Photo: Bloomberg | Getty Images