MW: U.S. home prices up 2.3% in June: Case-Shiller
By Steve Goldstein
WASHINGTON (MarketWatch) - U.S. home prices bounced higher for a second month in June, according to an index released Tuesday which showed the strongest back-to-back monthly advance in the more than decade-long history of the price gauge. The S&P/Case-Shiller 20-city composite registered a 2.3% advance in June, matching upwardly revised gains in May and taking the year-on-year move to positive territory for the first time in close to two years with a gain of 0.5%. All 20 cities managed monthly gains, including a 6% surge in hard-hit Detroit and a 4.8% advance from Minneapolis. Prices in the second quarter gained 6.9% compared to the first quarter. Even with the gains, prices have still fallen a long way from their 2006 peaks - roughly 31%.
