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During January, the Case-Shiller index of 10 major metropolitan areas was up 0.2% and the 20-city index increased 0.1% from December. However, on a seasonally adjusted basis, the indexes both rose 1%.
On a year-on-year basis, the 10-city index grew 7.3%. The 20-city index improved 8.1%, above recent expectations of economists polled by Thomson Reuters for an increase of 7.9%.
Low mortgage rates, a reduction in foreclosures and a shrinking inventory of homes on the market--along with an improving economy--have been supporting a gradual housing-market recovery.
Still, the two indexes remain off 29% to 30% from their June/July 2006 peaks through January.
year-on-year basis, 20 cities recorded growth in home prices, with eight
posting double-digit increases on a percentage basis. All the cities in the
that were hard hit by the housing bust have been among those with the strongest
growth lately. During January,
Though closely followed by economists and the markets, the Case-Shiller index is a lagging indicator of values--a moving average now two months old.
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