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Report: Real estate market won’t hit bottom this year

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Home values fell 8 percent year-over-year in April, according to a report from property search and valuation site Zillow. Zillow's Home Value Index is now down 29.5 percent, to a median $169,588, from its peak of $240,656 in June 2006. That's equivalent to the index's level in May 2003, the report said. Of 132 metro areas tracked, only three saw year-over-year appreciation: Honolulu (1 percent); Pittsburgh (0.9 percent); and Fort Myers, Fla. (0.5 percent). Nearly half saw double-digit decreases.Homes in Ocala, Fla., lost the most value (-19.9 percent), followed by Manchester, N.H.; and Gainesville, Ga. (-16.5 percent each). Month-to-month depreciation slowed slightly in April compared to late 2010. From March to April, the index fell 0.8 percent, compared with a 0.9 percent dip between November and December. "In general, current trends are consistent with our earlier expectations of depreciation rates improving in the spring but from absolute levels that are high enough and at ...