Home values rise for first time in 5 years

CNN MoneyBy Les Christie @CNNMoney July 24, 2012: 5:16 AM ET

NEW YORK (CNNMoney) — Home prices hit a bottom and are finally bouncing back, according to an industry report released Tuesday.

Nationwide, home values rose 0.2% year-over-year to a median $149,300 during the second quarter, the first annual increase since 2007, real estate listing site Zillow reported. Prices were up 2.1% from the first quarter.

Even though June marked the fourth consecutive month of home value increases, overall home prices are still down almost 24% since April 2007, when Zillow began to track home values.

“[I]t seems clear that the country has hit a bottom in home values,” said Zillow’s chief economist Stan Humphries. “The housing recovery is holding together despite lower-than-expected job growth, indicating that it has some organic strength of its own.” [Continue Reading…]