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Housing industry continues marked improvement as home prices gain



 

Housing industry continues marked improvement as home prices gain

Housing industry continues marked improvement as home prices gain
News from San Jose Mercury News:

WASHINGTON — U.S. home prices rose in June from the same month last year, the first year-over-year increase since the summer of 2010. The increase is the latest evidence of a nascent recovery in the housing market.

The Standard & Poor’s/Case-Shiller home price index released Tuesday showed a gain of 0.5 percent from June 2011.

The last time the year-over-year index increased was in September 2010. For much of that 12-month period, the government was offering a home-buying tax credit.

The report also showed that all 20 cities tracked by the index rose in June from May, the second consecutive time in which every city posted month-over-month gains. And all but two cities posted stronger gains in June than May.

Detroit, Minneapolis, Chicago and Atlanta recorded the biggest one-month gains.

“The combined positive news coming from both monthly and annual rates of change in home prices bode well for the housing market,” said David Blitzer, chairman of the S&P’s index committee.

Jonathan Basile, an economist with Credit Suisse, said improving home prices should boost home sales further in the coming months.

“Persistent news of rising house prices should start convincing prospective home sellers that it’s not just a buyers’ market,” Basile said. “And when Americans become more comfortab…………… continues on San Jose Mercury News

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