Home prices in major U.S. cities rose for the second straight month in June in the latest sign the housing market may be steadying after years of declines.The S&P/Case-Shiller index for home prices in 20 major cities in the three months ended June 30 was up 1.4% from its level in the three months ended May 31. It was the first time the index rose two months in a row since mid-2006. Prices gained in 18 of 20 markets, but were still down 31% from their July 2006 peak.”Momentum matters,” said Robert Shiller, the Yale University economist who helped create the index. “This is a sudden break in momentum.”
By Nick Timiraos, August 26, 2009, WSJ

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August 26, 2009 WSJ