US house prices in fourth monthly rise

US house prices managed a fourth consecutive month of gains, offering a glimmer of hope in one of the most important but depressed areas of the world economy. Prices were up 0.9 per cent in July compared to June, according to the latest S&P Case-Shiller index of the 20 largest metropolitan areas, although they remained 4.1 per cent below July 2010.

High foreclosure numbers and negative equity continue to depress the recovery in the world's largest economy. David Blitzer, chairman of S&P's index committee, said: "Continued increases in home prices through the end of the year and better annual results must materialise before we can confirm a housing market recovery."