Unfortunately in most areas values are not on the rise and a large number of agencies REO's are getting ready to hit the market. Most areas throughout the US are still considered "declining markets" according to residential appraisers. New construction appraisal values based on a market approach are coming in well below construction costs. Getting a residential home loan is tougher than it's been in over 20 years thanks in large part to Dodd / Frank which is only about 50% implemented, if it hits 100% we're all hamstrung.
When these waves of REO's hit and spike inventory the current numbers will be revised to something less attractive just like the employment data.