Rising U.S. home prices point to housing market stability
Washington (AP) — U.S. home prices rose slightly in July from a month earlier, according to a government index, further evidence the housing market is stabilizing.
The Federal Housing Finance Agency said Tuesday prices rose 0.3 percent in July from the prior month, but June’s price increase was revised down to 0.1 percent from 0.5 percent.
The index is still 4.2 percent below last year’s levels and 10.5 percent off its peak from April 2007. It is based on loans owned or guaranteed by mortgage finance companies Fannie Mae and Freddie Mac.
The report “supports other evidence that the three-year long decline in prices has come to halt,” according to a note attributed to Paul Dales, U.S. economist with Capital Economics.
GM to spend more than $21 million in Flint Assembly plant
Flint, MI (AP) — General Motors Co. says it plans to spend more than $21 million in its Flint Assembly plant to build the 2011 Chevrolet light-duty crew cab truck.
According to Detroit-based GM, renovations and new machinery will make the plant more flexible and allow heavy- and light-duty trucks to be built on the same line.
Construction at Flint Assembly is set to start in the fourth quarter, and production is to begin in July.