Home prices rise 0.6 percent in July

NEW YORK (AP) — Home prices rose in July for the fourth straight month, but many cities are bracing for declines in the year ahead.

The Standard & Poor’s/Case-Shiller 20-city home price index increased 0.6 percent in July from June and 3.2 percent from a year before. Twelve cities showed monthly price gains. Cleveland’s prices were flat.

However, seven cities showed month-over-month declines, and the gains in many cities were weaker from the previous month.

The boost from government tax credits for home buyers is fading. A record number of foreclosures, job concerns and weak demand from buyers suggest price declines are coming in the months ahead.

Nationally, prices have risen almost 7 percent from their April 2009 bottom, but they remain nearly 28 percent below their July 2006 peak.