This is a symbolic prophecy fulfilled several times in regard to the first and second coming. Basically, the 70 weeks are broken up into one, seven and 62 weeks. But it works out differently in application for the 70 weeks involved with the first and second coming.
The first-coming 70 weeks are from 455 BCE to 36 CE. The second-coming 70 weeks are from1506 to 1996. The second-coming 70 weeks is calculated simply by counting down 70-week periods from 36 CE down to our day. Per the "7 times" prophecy, whether you date the fall of Jerusalem in 607, 587 or 529 BCE, you still end up with a 20th century date: 1914, 1934 or 1992. So the 70 weeks involved with the second coming, regardless has to be from 1506 to 1996. Of course, if the messiah is to arrive during the 70th week then it would have to be a date between 1989 and 1996 and 1992 is the only date that falls within that 7-year period. Take from that what you wish.
But you specifically asked about the fulfillment of the seven weeks, which is a 49-year period. It works out that for the first-coming 490 years it happens to be significant for the first 49 years. That is, the return of the Jews to their homeland and the restoration of the temple. 49 years ends about the time Nehemiah leaves his governorship to king Artaxerxes in his 32n year:
Ezra 13: 6 And during all this [time] I did not happen to be in Jerusalem, for in the thirty-second year of Ar·ta·xerx´es the king of Babylon I came to the king, and sometime later I asked leave of absence from the king.
That's the only significant thing I see related to the first 49 years after the Jews return.
As for the second-coming 490-year fulfillment, the 7 weeks clearly refer to a similar period of restoration, when the Jews return to their homeland in 1947. As I noted, to calculate the 70 weeks for our day, or the closest 490 years to the date of the second return (1914,1934,1992) we simply calculate 490-year periods from 36CE, the date we know ends the 490-years of the first 70 weeks. The cut-off of the messiah is significant in relation to the great tribulation after 62 weeks. 62 weeks into the last 490 years brings us to 1940, since 62 weeks is 434 years. If the Jews were to be restored during the last 49 years beginning in 1947, then the 1-week in this case would be from 1940-1947 and is the week of the "great tribulation" when two-thirds (Zech 13:8) of the Jews involved in the area of WWII would be exterminated by the "disgusting thing that causes desolation" which is Gog of Magog, that is, the natural descendants of Magog, the descendant of Japheth, Noah's eldest son.
So in direct answer to your question, contrary to the fact that these seems to confuse others, the seven weeks for the first coming would be the first 49 years after their return to palestine, and the seven weeks for the second coming 70 weeks is also the first 49 years after return from exile beginning in 1947. In relation to the 70 weeks, though, the return occurs in the first 49 years for the first coming 455-406 BCE, and it occurs during the last 49 years for the second coming 1947-1996 AD.
The significance of the Jews' return on a jubilee year is highlighted in the chart below:
http://www.geocities.com/siaxares/jcovwk1996G.GIF (Jewish Covenant Week Chart)
There are multiple fulfillments to many prophecies, including the 70 weeks prophecy, including fulfillment by the messiah at the first and second coming and the Jewish nation as it fulfills the messiah, so there are three applications to work out.
JCanon