Home values continue to approach an expected near-bottom as a flood of foreclosure sales in February 2012 contributed to a 4.5 percent year-over-year decline in U.S. home values, according to a Zillow report released this week.The latest Zillow Home Value Index, which is based on estimated home values in markets across the country, found rising values in 13 of 165 (8 percent) of U.S. metros tracked on a year-over-year basis in February.But there are some metros that saw positive trends in home values from February 2011 to February 2012. The data shows that the Phoenix market, which has been hard-hit by heavy foreclosures and price drops during the downturn, is fluttering again: The metro is alone among the largest 25 U.S. metros to show a year-over-year increase in home values in February -- though very slight at 0.1 percent. Only 13 -- 8 percent of all the 165 U.S. metros Zillow tracks for the index, posted positive year-over-year home-value increases this February. The tracked...
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