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Uptick in housing prices unlikely to push stocks higher

Data released Tuesday show that the S&P/Case-Shiller Home Price indexes ended the quarter up for the first time since the summer of 2010. If history is a guide, the boost in housing prices is unlikely to carry over to the overall equity market. Over the past 10 years, the quarterly correlation between the Russell 3000 index and the S&P/Case-Shiller 20-City Composite index has been only 0.22.