Housing Market Improves Slightly, Still Feeble
Home prices nationwide improved slightly this spring, but remain near the low point set a year ago, according to the S & P Case-Shiller Home Price Index.
The Case-Shiller index is based on 10- and 20-city surveys.
As of April, the 10-city index was up 4.6 percent compared to the same period a year ago. The 20-city index was up 3.8 percent compared to a year ago.
Cities with the strongest year-over-year performance were Dallas, Denver, San Diego and San Francisco.
Howerver, nine of the 20 cities in Case-Shiller's larger survey reached new lows in home prices between January and April. Gains "were modest and somewhat concentrated in California," Case-Shiller said.
Federal tax credits for first-time homebuyers were largely responsible for market improvements in the spring, Case-Shiller said. "Inventory data and foreclosure activity have not shown any signs of improvement."
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