Economy Briefs: Home prices rise in most major American cities

HOUSING

Home prices rise in most major American cities

Home prices rose in March from February in most major U.S. cities for the first time in seven months. The increase is the latest evidence of a slow recovery taking shape in the troubled housing market.

The Standard & Poor’s/Case-Shiller home price index shows that prices increased in 12 of the 20 cities it tracks.

Three of the weakest markets reported signs of improvement. Prices increased in Tampa, Fla., and Miami, while prices in Las Vegas were unchanged.

The biggest month-over-month increases were in Phoenix, Seattle and Dallas. Prices dropped sharply in Detroit, Chicago and Atlanta.

The increases partly reflect the beginning of the spring selling season. The month-to-month prices aren’t adjusted for seasonal factors.

The overall index of 20 cities was essentially unchanged in March, after falling 0.8 percent in February.

TENNESSEE

FedEx buying company for undisclosed sum

MEMPHIS | FedEx says it will expand in Latin America with its purchase of a Brazilian transportation and logistics company.

FedEx is buying Rapidao Cometa Logistica e Transportes SA, one of the largest logistics companies in Brazil. Rapidao has been its authorized representative in Brazil for 11 years.

With Rapidao, FedEx is getting about 770 vehicles and trailers, approximately 9,000 workers in Brazil and 45 branches.

Terms of the deal were not released.

FedEx competitor UPS is bulking up with a $6.8 billion purchase of Dutch rival TNT Express. FedEx has not had a blockbuster deal like that. Instead, it has bought three smaller companies this year.

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