Spring buying boosts US home prices for 4th month

The depressed housing market flashed a positive signal in July, with home prices in most major U.S. cities rising for the fourth straight month

The Standard & Poor's/Case-Shiller index released Tuesday showed that prices rose from June to July in 17 of the 20 cities the index tracks. Detroit, Chicago and Minneapolis posted the biggest percentage gains. Prices fell in two cities among those hit hardest by the housing crisis - Las Vegas and Phoenix.

The index, which covers half of all U.S. homes, measures prices compared with those in January 2000 and creates a three-month moving average. The July data are the latest available.

Analysts cautioned that the price increases are likely temporary, buoyed by seasonal buying, and not evidence of a housing recovery. Home sales have declined in each of the months in which prices rose.

Read Full Article from Forbes

- Posted: 2011-09-27 16:09:32

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