Home prices rise for sixth month, a sign of recovery |
| Reuters - Sep 25, 2012 |
U.S. home prices rose for a sixth straight month in July in the latest sign of a sustainable housing market recovery, while a jump in consumer confidence this month offered a harbinger that Americans are ready to loosen their spending.
Six years after its collapse, economists believe the housing market has turned a corner.
Two separate reports on Tuesday showed that home prices rose in July, though the gains were not as strong as the previous month. That follows recent data that home resales and groundbreaking on new properties rose in August, while business sentiment among homebuilders hit a more than six-year high this month.
The S&P/Case Shiller composite index of 20 metropolitan areas rose 0.4 percent in July on a seasonally adjusted basis. Economists had expected a gain of 0.9 percent, which would have matched June's advance. Case Shiller is one of the most closely watched barometers of the U.S. housing market.
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- Posted: 2012-09-25 15:47:42
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