A new industry report from Standard and Poor’s finds that the housing market has made a significant turn for the better, and will continue to do so. The S&P/Case-Shiller national home price index, which covers more than 80% of the housing market in the U.S., jumped 6.9% this spring compared to the first three months of 2012. National home prices were up 1.2% on average compared with the previous year, and the 20-city index was up 6% for the quarter, while the 10-city index rose 5.8%.

According to CNNMoney, this marks the first time all three measures showed positive annual growth rates since the summer of 2010.

“We seem to be witnessing exactly what we needed for a sustained recovery; monthly increases coupled with improving annual rates of change,” said David Blitzer, who oversees the Case-Shiller home-price index for Standard and Poor’s.

“I think we will see year-over-year gains fairly consistently going forward,” Blitzer tells the MarketWatch Radio Network.

Among the good news is that hard hit places like Las Vegas and Phoenix are surprisingly doing well. Also, foreclosure rates are expected to continue to fall across the country. As home values rise, so does home equity, which means fewer people will be underwater on their mortgages.

Read more about the latest industry report from the S&P here.

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