Home Prices Up for First Time in Over Three Years

New York, NY, April 27, 2010--Home prices in February posted their first annual increase in more than three years, according to Standard & Poor's/Case-Shiller home price index.

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.

Home prices are up more than 3 percent from the bottom in May 2009, but still are 30 percent below the May 2006 peak.

"These data point to a risk that home prices could decline futher before experiencing any sustained gains," David Blitzer, chairman of the S&P index committee, said in a statement.