Case-Shiller: June Home Prices Rise 4.2%, But Beware The Tax Credit

The numbers: A 4.2% gain in June (and 4.4% gain in Q2) is better than expected, but as S&P is noting, there’s likely a major impact from the tax credit, which has since expired. Home price gains were seen in 17 of the 30 cities.

Stocks are coming back a bit, though are still looking towards a lower open.

Here’s the year-over-year chart from the release:

And here’s a look the index:

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Background: pretty much all housing numbers have been weak of lately, so nobody is expecting to see anything too awesome from the June Case-Shiller housing numbers.  Growth is expected to be a modest 3%. MarketWatch notes June numbers may will be affected by the tax credit.

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