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 Zillow.com.

But 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 re-sales made up 22 percent of all home sales in June, Zillow said.

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