'Safe' Recovery: Home Prices Up for the 6th Straight Month

U.S. home prices increased for the sixth consecutive month, according to the closely watched S&P/Case-Shiller indices covering the largest 20 metropolitan areas.
Additionally, its national composite was up 3.6 percent in the third quarter of 2012, compared to the third quarter of 2011, and was up 2.2 percent versus the second quarter of 2012.
“With six months of consistently rising home prices, it is safe to say that we are now in the midst of a recovery in the housing market,” said David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices.
In September 2012, S&P/Case-Shiller’s 10- and 20-City indices showed annual returns of +2.1 percent and +3.0 percent.
Average home prices in the 10- and 20-city indices were each up 0.3 percent in September, compared to August 2012.
Seventeen of the 20 metro areas, and both composites posted better annual returns in September versus August 2012, while Detroit and Washington D.C. recorded a slight deceleration in their annual rates, and New York saw no change.
Thirteen of the 20 cities recorded positive monthly returns, while Boston, Charlotte, Chicago, Cleveland and New York saw modest drops in home prices in September as compared to August. Tampa and Washington D.C. were flat.

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