“US house prices had their first annual increase in nearly two years as evidence builds that the housing market is finally on the rebound,” reports the Financial Times.
“The S&P/Case-Shiller home price index showed prices up 1.2 per cent in the second quarter compared with a year before. It was the first rise since a shortlived bounce in 2010… On a seasonally adjusted basis, house prices edged 0.9 per cent higher from May to June, above the consensus forecast of a 0.4 per cent rise.”
“David Blitzer, chairman of the index committee at S&P Dow Jones Indices, said: ‘We seem to be witnessing exactly what we needed for a sustained recovery; monthly increases coupled with improving annual rates of change. The market may have finally turned around.’””