Sept. 29 (Bloomberg) -- Home values in 20 U.S. metropolitan areas climbed in July by the most in almost four years, a sign the housing slump that led to the worst recession in seven decades is abating.
The S&P/Case-Shiller home-price index rose 1.2 percent in July from the prior month, the biggest gain since October 2005, the group said today in New York. From a year earlier, values were down 13.3 percent, less than economists anticipated. Another report showed consumer confidence unexpectedly fell.
Foreclosure-driven price declines, low borrowing costs and government tax credits for first-time buyers have lifted home sales for much of this year, helping to slow the decline in prices. Stability in real-estate values and rising stock prices may help prop up spending as American consumers fret over mounting joblessness.
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Tuesday, September 29, 2009
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