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Zillow: Expect a ‘bumpy road ahead’ for real estate

Home values won't bottom until 2012 or beyond, economist says

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While home values remained essentially flat in the second quarter compared to the first quarter, they fell when compared to second-quarter 2010, according to a report from property search and valuation site Zillow.

The Zillow Home Value Index fell 6.2 percent year over year in the second quarter, to $171,600, the report said. A report released today from the National Association of Realtors found 72 percent of metro areas had seen year-over-year median sales price declines in the second quarter, with the U.S. median price falling 2.8 percent, to $171,900.

Of 154 markets tracked by Zillow, 142 (92 percent) saw value declines year over year, while 94 (61 percent) saw value increases quarter to quarter. That resulted in a 0.4 percent dip compared to the first quarter -- the smallest quarterly drop in more...