SEATTLE (AP) U.S. home values have risen four consecutive months, Zillow.com said on Tuesday, a trend that led the housing website to declare that the market has turned the corner from its five-year slump.
"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 Stan Humphries, chief economist at Seattle-based Zillow, which measures home values. "The housing recovery is holding together despite lower-than-expected job growth, indicating that it has some organic strength of its own."
The home value index in the second quarter rose on an annual basis for the first time since 2007, increasing 0.2 percent compared with last year's second quarter to $149,300, according to Zillow. Going back to March, values have now risen four months in a row.