Prices rise but no sign of a sustained recovery

According to Standard & Poor's Case-Shiller Home Price Index, housing prices rose 3.8 percent in April from a year earlier. Of the 20 major metropolitan areas surveyed, 18 posted month-to-month gains but the increases were largely due to demand created by the tax credit. David M. Blitzer, chairman of the index committee at Standard & Poor's, said the federal program had a large impact but feels, because recently released housing data shows sharp declines since its expiration, it may be a year before there are signs of sustained recovery. More here, here, and here.