Property: Confidence at six-year high in US

US home prices rose for a sixth straight month in July while a jump in consumer confidence has led economists to believe that, six years after its collapse, the housing market has turned the corner.

With Americans reportedly ready to loosen their spending, the S&P/Case Shiller composite index of 20 metropolitan areas rose 0.4 per cent in July on a seasonally adjusted basis.

The data came as consumer confidence climbed in September to its highest level in seven months as Americans were more optimistic about the job market and income prospects.

The Conference Board, an industry group, said its index of consumer attitudes rose to a reading of 70.3 from an upwardly revised 61.3 in August.