US figures show price rise

House prices in the US have risen, according to data from the Federal Housing Finance Agency (FHFA).

The average home in May was valued at 0.9 per cent more than in April, the body's latest statistics indicated.

Commenting on the figures, FHFA director James Lockhart cautioned that "revisions and volatility of the monthly index make it hard to draw any conclusions", but this may be a possible indication that the bottom of the market in the country has been reached.

Such a scenario could be more likely if the overall US economy starts to improve, a situation some commentators have predicted is close to happening.

These include US treasury secretary Tim Geithner, who suggested better times are just around the corner during a recent trip to London.

He said: "We have a very good chance for seeing the US economy get back to the point where it's going to start growing again in the next two or three quarters."
 

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