Housing Market, April | featured news

A backlog of foreclosures and falling sales indicate prices may decline further, discouraging builders from taking on new projects.

Consumers felt better about the short-term outlook for the economy in April as expectations about the pace of inflation and concerns about the labor market eased.

A 3.8% increase in April compared with the same period last year is the third straight month of appreciation but analysts say prices are likely to drop again with the end of the tax credit. L.A., San Diego see gain of 0.7%.

Home prices in 20 major cities gained ground for the third consecutive month in April when compared with their year-earlier levels.

A realtors' index for pending sales of previously owned homes increased a third month in a row, rising 6.7% in April from March and up 3.2% from a year earlier.