Reuters reports that single-family home prices rose more
than expected in February, posting their best annual rise since May 2006 in a
fresh sign the housing recovery remains on track, a closely watched survey
showed on Tuesday.
The S&P/Case Shiller composite index of 20 metropolitan
areas gained 1.2 percent on a seasonally adjusted basis compared to January,
topping forecasts for 0.9 percent. Prices
in the 20 cities gained 9.3 percent year-over-year, also beating expectations
for 9 percent and the biggest increase since May 2006. On a non-adjusted basis, prices rose 0.3
percent.
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