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Bottom Declared

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The wizards at Zillow have gazed into their magic ball and are predicting that Los Angeles home prices will increase by 3.5 percent over the next year: "A report released by the website Tuesday found that home prices have risen 2.7% over the last year in the Los Angeles metro area -- which consists of Los Angeles and Orange counties -- to hit $397,000 by the end of the third quarter. The website called a bottom for the Los Angeles area in the first quarter of 2012." [LAT]