31.08.201010:08:00UTC+00S&P Says Home Prices Rose 4.2% In June

While Standard & Poor's released a report Tuesday morning showing that its reading on home prices in 20 major metropolitan areas increased by more than expected in June, the data was likely skewed by the homebuyer tax credit.

The report showed that the S&P/Case-Shiller 20-City Composite Home Price Index increased at an annual rate of 4.2 percent in June. The growth represents a slowdown from the 4.6 percent increase seen in May but still exceeded economist estimates for a 3.1 percent increase.

Copyright(c) 2010 News.com, Inc. All Rights Reserved