The S&P / Case-Schiller home index report showed that home prices in 20 US cities rose for the seventh consecutive month in December. The increase was 0.3 percent over the November result but still down 3.1 percent from December 2008.
Analysts pointed to the availability of government credits as well as lower values as the driving force behind the increase. As employment increases, further valuation increases are expected.
“Housing markets are improving and that should continue to be the case going forward,†Joel Naroff, president of Naroff Economic Advisors Inc. in Holland, Pennsylvania, said before the report. “Prices in most metropolitan areas are likely to slowly but steadily increase.â€
Source: Bloomberg
