"The housing recovery in this cycle has been painfully slow to develop, but it is unmistakably here"
- Chris Low, chief economist at FTN Financial
U.S. house prices rose in April for a third consecutive month, the latest sign the housing market is recovering. The S&P/Case Shiller composite index of 20 metropolitan areas rose 0.7 per cent on a seasonally adjusted basis.
"The housing recovery in this cycle has been painfully slow to develop, but it is unmistakably here," said Chris Low, chief economist at FTN Financial in New York.
"This time, unlike 2010 when the first-time homebuyer tax credit lifted sales, it is happening with only limited help from the government."
Also Tuesday, a report showed U.S. consumer confidence deteriorated to the lowest level in five months as Americans became less optimistic on the economic outlook.
"It does reinforce that confidence continues to wane, which does keep pressure on the recovery," said Sean Incremona, economist at 4Cast Ltd in New York.
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