NEW YORK (AP) — Home prices rose in July for the fourth straight month, but many cities are bracing for declines in the year ahead.
The Standard & Poor’s/Case-Shiller 20-city home price index increased 0.6 percent in July from June and 3.2 percent from a year ago. Twelve cities showed monthly price gains. Cleveland’s prices were flat.
However, seven cities showed month-over-month declines and the gains in many cities were weaker from the previous month.
The boost from government tax credits for homebuyers is fading. A record number of foreclosures, job concerns and weak demand from buyers suggest price declines are coming in the months ahead.
Nationally, prices have risen almost 7 percent from their April 2009 bottom. But they remain nearly 28 percent below their July 2006 peak.
