The percentage of homes "under water" fell nationwide in the second quarter, even as home values continued to drop, according to a report by property valuation site Zillow.

Zillow’s Home Value Index, which tracks median home values in 440 metropolitan statistical areas across the country, fell 3.3 percent compared to the second quarter of 2009 and 0.6 percent compared to the first quarter, to $182,500.

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