Home Prices: 1st Annual Increase in 3 Years

(AP Associated Press via msnbc.com)

MIAMI – Home prices in February posted their first annual increase in more than three years, though it’s too early to say the housing market is recovering.

Despite the 0.6 percent increase on a non-seasonally adjusted basis, 11 of the 20 cities in the Standard & Poor’s/Case-Shiller home price index showed declines.

The last time prices rose on a year-over-year basis was December 2006. But economists polled by Thomson Reuters had predicted prices to rise 1.2 percent in February.

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