My iPod Touch home button also stopped working. They replaced it for me since it was still under warranty. How old is your phone?
You can work around it by adding a home button to your screen using Assistive Touch under Settings/ General/Accessability.
I'm so sorry for the trouble you've encountered, asah2154! Lets get to the bottom of this. Is the button able to move or respond at all? Are you able to see an debris surrounding the button? This may be causing it to malfunction. If you are near an Apple store, I recommend having it evaluated to correct. Keep me posted!
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