Home Values Rise Fourth Consecutive Month

New York, NY, Oct. 27, 2009--The market value of homes in 20 major cities rose by 1.2% in August compared with July, the fourth consecutive increase, according to the Case-Shiller home price index.

In August, prices rose in 17 of 20 cities. Only Charlotte, Cleveland and Las Vegas recorded month-to-month declines.

In the past year, prices are down 11.3% in the 20 cities. Prices in all 20 cities were lower in August 2009 than in August 2008.

The figures are not seasonally adjusted. Prices typically rise in the summer months when demand is stronger.

Prices are down 29.3% from the peak.

"We do want to remind people of the upcoming expiration of the federal first-time buyer's tax credit in November and anticipated higher unemployment rates through year-end," said David Blitzer, chairman of the index committee at S&P. "Both may have a dampening effect on home prices."