U.S. home prices up quarter to quarter

NEW YORK, Aug. 30 (UPI) -- U.S. home prices rose from the first quarter of 2011 to the second, but remain down on an annual basis, a closely watched housing index showed Tuesday.

The Standard & Poor's/Case-Shiller Home Price Index found prices rose 3.6 percent from the first quarter after dropping 4.1 percent from the fourth quarter to the first.

"With the second quarter's data, the national index recovered from its first quarter low, but still posted an annual decline of 5.9 percent versus the second quarter of 2010," the report said.

Nineteen of 20 cities monitored by the report were up in June compared to May with the exception being Portland, Ore., where prices were "flat," the report said.

As of June, 12 of 20 cities in the study group have had price increases for three consecutive months. The 10-city study group and the 20-city-group have also seen increases for three consecutive months.

"This month's report showed mixed signals for recovery in home prices. No cities made new lows in June 2011, and the majority of cities are seeing improved annual rates," said David Blitzer, chairman of the index committee at S&P Indices.

Of the 20 cities studied, eight "bottomed out in 2009 and have remained above their lows," the report said.

The cities where home prices hit bottom two years ago include Washington, Dallas, Denver, Los Angeles, San Diego and San Francisco.