Industry NewsMarkets & Economy

Loss seen on nearly 1 in 3 June sales

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Home values essentially held steady from May to June as the volume of sales picked up by 3.8 percent, according to an index compiled by real estate search and valuation site nearly one in four owners of single-family homes (23 percent) were "underwater" during the second quarter -- owing more on their mortgage than their homes were worth -- and foreclosure resales made up 22 percent of all home sales in June, Zillow said."While the abundance of affordable foreclosure properties is a boon for many first-time homebuyers, I don't believe we'll see significant recovery until demand-side fundamentals improve, and more move-up and move-across buyers re-enter the market," said Stan Humphries, Zillow chief economist, in a press release.About 29 percent of homes that changed hands in June sold for less than their owner originally paid, Zillow said. The Zillow Home Value Index showed prices falling by 0.9 percent from May to June, and 2.7 percent from the first...