Home prices rise in most major US cities


May 30, 2012 at 12:00a.m.

Home prices rise in most major US cities

WASHINGTON

Home prices rose in March from February in most major U.S. cities for the first time in seven months. The increase is the latest evidence of a slow recovery taking shape in the housing market.

The Standard & Poor’s/Case-Shiller home-price index shows that prices rose in 12 of the 20 cities it tracks.

Three of the weakest markets showed signs of improvement. Prices rose in Tampa and Miami. They were unchanged in Las Vegas.

The biggest month-to-month increases occurred in Phoenix, Seattle and Dallas. Prices dropped the most in Detroit, Chicago and Atlanta.

Hopes for growth in China fuel stocks

NEW YORK

The stock market is desperately looking for good news.

On Tuesday, oil prices fell, the euro sank to a 22-month low and the yield on the U.S. government’s 10-year Treasury note fell near a historic low after a report suggested that Spain will have more trouble repaying its debts.

But stocks rose anyway. In fact, they had one of their best days in an otherwise dreary month. Investors focused on hopes that China is poised to rev up its economic growth machine and that upcoming elections in Greece will help the country stay in the euro.

“The overriding news isn’t that great,” said Robert Pavlik, chief market strategist at investment advisors Banyan Partners. “But Greece and China are taking the pressure off the market in the short term.”

From wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .66, 23.16 .14

Avalon Holdings,3.48.01

Clear Channel, .73 65.06 1.62

Cortland Bancorp, 9.20—.29

Farmers Nat., .126.43 .01

First Energy, 2.20, 46.81—.04

FirstMerit Corp., .64,16.07 —.06

First Niles Financial, .32,8.74.00

First Place Fin., .39—.01

FNB Corp., .48,10.94.06

General Motors,22.85.41

General Electric, .68,19.35.15

Motors Liquidation, .0422.00

Huntington Bank, .16, 6.61.15

JP Morgan Chase, 1.20,33.63.13

Key Corp, .12,7.61.11

LaFarge, 9.52 .36

Macy’s, .80, 38.991.23

Parker Hannifin, 1.64, 86.482.12

PNC, 1.60,62.80.71

RTI Intl. Metals,23.96.45

Simon Prop. Grp.,4.00,150.162.04

Stoneridge 7.20 .11

United Community Fin. 2.05.00

Selected prices at 4 p.m. Tuesday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.