Industry NewsMarkets & Economy

Real estate bottom reached in some California markets?

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Despite some signs of market stabilization, home values continued to fall across the country in the first quarter, according to a report by property valuation and marketing site Zillow. This is the 13th straight quarter that has seen home values drop year-over-year. Zillow's Home Value Index, which tracks the site's median home-value estimates nationwide, dipped 3.8 percent from the first quarter of 2009 and 1 percent from the fourth quarter, to $183,700, the report said. About 66 percent of homes saw their value decrease nationwide. Zillow's chief economist, Stan Humphries, said in a statement that he suspects the federal homebuyer tax credits -- which expired on April 30 -- pulled home sales that would otherwise have happened over the summer forward, instead of creating new demand for homes. "Even with the tax credits in place during the first quarter, inventory levels were rising, and home values continued to decline at a steady clip, rather than st...