One imperfect but popular gauge of the housing market, the S&P/Case-Shiller index, shows how home prices in the 20 cities tracked by the index compare with their level of January 2009, after adjusting for seasonal factors. Through July, home prices nationally were down by 3.7% compared with January 2009, according to the Case-Shiller 20-city index. While prices are up from one year ago, they are still narrowly below the near-term peak set in May 2010, when tax credits fueled a burst of sales. Leading the markets that, according to the Case-Shiller index, have prices running above the levels from January...
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