Home values posted theire first Year-Over Year increase since 2007 in the second quarter according to Zillow Inc.
The zillow home value index rose to $149,300, 0.2% increase from the second quarter of 2011.
According to Zillow residential values have gained for four month in a row.
Home values have begun to rise amid an increase in demand, interest rates at record lows and a tight supply
of properties for sale.
Zillow is predicting a 1.1% rise in home values over the next 12 months.
Also, according to Realty Trac, initial notices of foreclosures have risen 6% in the second quarter from a year earlier.
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