Housing-price decline slows

Posted: May 30, 2012

Home prices rose in March from February in 12 of the 20 cities tracked by S&P’s Case-Shiller Index, it was reported Tuesday, but overall, there was no change month over month.

The index was 2.6 percent below March 2011, indicating that prices continued to decline, albeit more slowly than in 2009 and 2010, the worst two years of the real estate downturn.

Economist Patrick Newport of IHS Global Insight in Lexington, Mass., said while housing prices are mainly driven by local forces such as job growth and the neighborhood foreclosure rate, they seem to be stabilizing in most cities.

— Alan J. Heavens#

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