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Article: nation.(Front)
- Article from:
- The Virginian-Pilot (Norfolk, VA)
- Article date:
- October 28, 2009
CopyrightCOPYRIGHT 2009 The Virginian Pilot-Ledger Star. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Home prices increase in most major cities
Home prices rose in August for the third consecutive month, a rapid pace of recovery that surprised economists. After a steep three-year descent, home prices rebounded this summer at an annualized pace of almost 7 percent, the Standard & Poor's/Case-Shiller home price index showed Tuesday.
Robert Shiller, economist and co-creator of the index, expects prices will continue to rise for the next few months but can't forecast beyond that, he said. The Case-Shiller index of 20 major cities climbed 1 percent from July to a seasonally adjusted reading of 144.5. The prices were down 11.4 percent from a year ago, but the ...