HOUSING RECOVERY: Home prices rose in May from April in all 20 cities city tracked by the Standard & Poor’s/Case-Shiller index, a sign that increasing sales and tight inventories are supporting a modest housing recovery.
ECONOMIC BENEFIT: Rising home prices could make consumers feel wealthier and spur more spending. If sustained, it would also reduce the number of homeowners who owe more than their homes than they are worth.
Recommended Stories
SEASONAL IMPACT: Economists cautioned the increase could reflect healthy seasonal sales in May. The trend needs to continue for several more months to establish that prices have truly bottomed, they said.
