BUSINESS INFORMATION - U.S. home prices fell in June, but at a slower rate

BUSINESS INFORMATION - U.S. home prices fell in June, but at a slower rate, a major survey of major cities showed Tuesday, in a report providing new evidence the housing crisis is stabilized.

Index of home prices in 20 metropolitan areas of the S & P / Case-Shiller showed home prices fell 15.4 percent in June from a year ago, compared with a steeper annual decline 17.1 percent in May.

Most analysts had expected faster price declines to 17.9 percent year-to-year.

10-city index also showed a decrease in price, with a 15.1 percent rate decrease in June, following a 16.8 percent decline the previous month.

U.S. national composite index of the S & P / Case-Shiller rose 2.9 percent in the second quarter, compared with the first quarter of 2009, the first increase in three years.

The national index fell at an annual rate of 14.9 per cent in April-June period, after dropping a record 19.1 percent in the first quarter.

The report follows last week's strong data on sales of existing houses (existing-home) which recorded a record increase in July, set a four-month rally for the first time in five years.

National Association of Realtors on Friday reported sales of existing homes jumped 7.2 percent in July on an annual basis the level of adjustment to the 5.24 million units from 4.89 million in June.