Although still in negative territory, the annual rate of home-price decline improved last month in the 10-City and 20-City Composites tracked as one of the S&P/Case-Shiller Home Price Indices released yesterday. The 10-City and 20-City Composites declined 12.8 percent and 13.3 percent, respectively, in July compared to the same month last year. All 20 metro areas showed an improvement in the annual rates of decline in July compared with the previous month.
“The rate of annual decline in home price values continues to decelerate and we now seem to be witnessing some sustained monthly increases across many of the markets” said David M. Blitzer, chairman of the Index Committee at Standard & Poor’s. “We do need to be cautious in coming months to assess whether the housing market will weather the expiration of the Federal First-time Buyer’s Tax Credit in November, anticipated higher unemployment rates, and a possible increase in foreclosures.”
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