Summary Box: Spring temporarily lifts home prices

AP News
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Posted: Jul 26, 2011 4:07 PM
Summary Box: Spring temporarily lifts home prices

PRICES RISE: Home prices rose in May for the second straight month in most major U.S. cities, according to the Standard & Poor's/Case-Shiller home-price index.

SPRING BOOST: A flurry of spring buyers is helping boost sales. Analysts say the upward trend in prices is temporary and hardly signals a rebound for the troubled housing market.

FORECLOSURES, JOBS: Millions of foreclosures are in limbo, held up by a government investigation into improper practices by mortgage lenders. When the probe is complete, banks will resume seizing homes and home prices will likely fall further. The weakening job market could also hasten price declines.