Home prices rise 0.30 % in July

American home prices rose somewhat in July from the previous month according to government indexes, showing further evidence the housing market is stabilizing. The Federal Housing Finance Agency said Tuesday prices rose 0.30 percent in July from the previous month.

It is based on loans owned or guaranteed by mortgage finance companies Fannie Mae and Freddie Mac.

The government index has declined less than other housing market measurements because it leaves out the most expensive homes and some of the subprime loans that have fallen into foreclosure.

The new statement supports evidence that the 3 year long decline in home prices has come to end, said a U.S. economist.

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