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by CareyBot

Estimated home values dropped in 44 of 66 metro-area markets reported by home valuation and marketing company Zillow in the second quarter compared to the same quarter last year. Zillow reported today that its national Zindex -- calculated as the median of all of the company's home-value estimates across the country -- dropped 2.8 percent to $251,588 between the second quarter of 2006 and the second quarter of 2007. The Zindex report includes all homes tracked by Zillow, whether or not they are for sale. The national Zindex improved 0.1 percent in the second quarter compared to first-quarter 2007. The metro areas tracked by Zillow with the highest home-value appreciation in the second quarter compared to the same quarter last year are: Grand Junction, Colo., 18.6 percent; Corvallis, Ore., ...