Industry NewsMarkets & Economy

Home-price indexes hint at turnaround

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Home prices rose 1.4 percent on average from May to June in 20 markets tracked by a Standard & Poor's/Case-Shiller home-price index -- the second consecutive month-over-month increase in the 20-city composite.Another home-price index maintained by the government to track purchases involving mortgages owned or guaranteed by Fannie Mae and Freddie Mac also showed home prices picking up in May and June.Prices were on the rebound in June in all but two of the markets tracked by the S&P/Case-Shiller 20-city composite -- Detroit and Las Vegas -- S&P said. Although the 20-city composite index was also up 0.5 percent from April to May, prices remained significantly lower than a year ago.Looking back a year, the 20-city composite index was down 15.4 percent at the end of June. All 20 markets tracked saw annual price declines, and 15 experienced double-digit price drops.The separate S&P/Case-Shiller National Home Price Index, which covers all nine U.S. Census divisions, showed a...