Americans signed more contracts to buy previously occupied homes in May, matching the fastest pace in two years. The increase suggests consumers are gaining confidence in the housing market and a modest recovery will continue.
Rising foreclosures are weighing on the U.S. housing market, reducing prices and keeping new-home sales weak.
U.S. home prices fell in most major cities for the second straight month, further evidence that the housing recovery will be bumpy and weigh on the broader economy in 2012.
Published: March 30, 2010
Tags: Capital Economics, Case-Shiller index, Conference Board, Consumer Confidence Index, homes, index, real estate, San Fernando Valley, Standard & Poor's/Case-Shiller 20-city home price index, Thomson Reuters, ZIP Realty
By Alan Zibel AP Real Estate Writer New York — A strong rebound in California’s real estate market helped lift a key home price index for the eighth straight month. Prices are up almost 4 percent from the bottom in May 2009, but still almost 30 percent below the May 2006 peak. Prices rose 0.3 [...]