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New S&P Index shows rise in home prices in Chicago, Boston and D.C.

Washington, D.C., sees year-over-year increase in home prices.

Washington, D.C., sees year-over-year increase in home prices.

Although the real estate markets throughout the country continue to struggle as a whole, Chicago's sector appears to be faring better than most. Improvement in the city's housing market may make it a trendy place for families considering a relocation.

According to the latest Standard & Poor's/Case-Shiller Home Price Index home prices in Chicago increase 1.7 percent from April to May. However, prices are still down 8.1 percent from May 2010.

Boston, Minneapolis and Washington, D.C. were the only cities in the index that had a higher month-over-month change than Chicago, at 2.7, 2.6 and 2.4 percent, respectively. In year-over-year numbers, Washington, D.C., was the only area to have a positive percent change from May 2010 to 2011.

David Blitzer of S&P's Index Committee said that despite the index showing two consecutive months of improved prices, the U.S. housing market has a ways to go before it will be fully recovered.

"Sustained increases in home prices over several months and better annual results need to be seen before we can confirm real estate market recovery," he said.

The country's housing sector has been plagued by low home values and numerous distressed properties during the past year - two factors that have caused problems for home sellers but have proven beneficial for families looking to move into their first home.