Home prices rise for first time in five years

According to a real estate industry report released recently, home prices hit a bottom line and are bouncing back.

Countrywide, home prices rose 0.2% year-on-year to a median $149,300 during the second quarter, real estate website Zillow reported. Prices were up 2.1% from the first 3 months.

Though June marked the fourth month of real estate prices increases, overall home value are still down almost 24% since April 2007, when Zillow company began to track home prices.

"It seems clear that the United States has hit a bottom in home prices," said Stan Humphries, Zillow's chief economist. "Despite lower-than-expected job growth, the housing recovery is holding together, indicating that it has some strength of its own."

Other home value indexes, including S&P/Case-Shiller home value index, have also recorded gains lately. It reported in it latest release that home values in 20 major markets in April rose 1.3%, the first monthly increase in more than half year.

source CNN 24 July 2012