Home prices fell in the second quarter at a slower pace than in the first quarter, the first time in three years there has been an improvement from one quarter to another, according to a gauge of U.S. home prices published on Tuesday that also showed a month-over-month improvement in prices.

The Standard & Poor's/Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 14.9% decline in the second quarter, compared with a 19.1% drop in the first quarter.

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