Home Prices Up 3.2% Over July 2009
July numbers up .6% from June, but demand weakening
By Newser Editors and Wire Services
Posted Sep 28, 2010 8:47 AM CDT
Home prices rose in July for the fourth straight month, but many cities are bracing for declines in the year ahead.   (AP Photo/Amy Sancetta)
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(Newser) – Home prices rose in July for the fourth straight month, but many cities are bracing for declines in the year ahead. The Standard & Poor's/Case-Shiller 20-city home price index increased 0.6% in July from June and 3.2% from a year ago. Twelve cities showed monthly price gains. However, seven cities showed month-over-month declines and the gains in many cities were weaker from the previous month as the boost from government tax credits for homebuyers fades.

A record number of foreclosures, job concerns, and weak demand from buyers suggest price declines are coming in the months ahead. Nationally, prices have risen almost 7% from their April 2009 bottom. But they remain nearly 28% below their July 2006 peak.