The national homeownership rate fell in the second quarter, and a majority of economists said they expect it to fall further in coming years as the Millennial generation delays home purchases and the age of typical first-time homebuyers rises, according to the latest Zillow® Home Price Expectations Survey. Zillow's economists panel also said they expect U.S. median home values to end 2014 up 4.6%, on average, and to exceed their 2007 peak levels by the end of 2017, roughly a decade after the housing bust and ensuing recession began.

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