Price index rises for 2nd straight quarter

Year-over-year decline is narrowing

A U.S. home-price index posted its second consecutive quarterly increase, rising 3.1 percent in the third quarter, according to a report released today.

The U.S. National Home Price Index, which covers all nine U.S. Census divisions and is a part of the Standard & Poor’s/Case-Shiller Home Price Indices was down 8.9 percent, though, on a year-over-year basis.

This year-over-year decline in the third quarter is markedly lower than the 14.7 percent decline reported in the second quarter and smaller still than the 19 percent year-over-year drop in the first quarter, according to the report.