Zillow calls bottom for home values

U.S. home values eked out their first year-over-year quarterly gain in five years during the second quarter of 2007, according to a report released today by online real estate marketplace Zillow. Zillow's second-quarter real estate market report showed median home values up 0.2 percent at the end of June compared to a year ago, to $149,300. The report also showed median home values have posted four consecutive months of year-over-year gains."After four months with rising home values and increasingly positive forecast data, it seems clear that the country has hit a bottom in home values," said Zillow Chief Economist Stan Humphries in a statement. The Phoenix metro continued its leadership among U.S. metros with a 12.1 percent year-over-year median home value increase to $136,200 in the quarter anding June 30. The Fort Myers, Fla., metro area took the second place spot with a 7.9 percent median home value increase for the quarter from last year to $136,000. The Green Bay, Wi...