Posted by Chris O'Sullivan
Articel by J.W. Elphinstone
NEW YORK (AP) -- Home prices rose for the third straight month in August, data Tuesday showed, a key ingredient for a broad and sustained housing recovery.
The Standard & Poor's/Case-Shiller home price index of 20 major cities climbed 1 percent from July to a seasonally adjusted reading of 144.5. While prices are down 11.4 percent from August a year ago, the annual declines have slowed since February.
The index showed a widespread turnaround with prices rising month-over-month in 15 metro areas since June. San Francisco, Minneapolis and San Diego led the way.
Prices are at levels not seen since August 2003 and have fallen almost 30 percent from the peak in May 2006.
Low prices and mortgage rates combined with a temporary tax credit for first-time buyers have spurred sales. Home resales climbed more than 9 percent in September, the largest amount in more than 26 years, the National Association of Realtors said last week. Sales figures for newly built homes are due out Wednesday
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