9.6% rise in home prices is expected in 2013-14

Home prices in Tucson could rise 9.6 percent between the second quarter of 2013 and second quarter of 2014, according to the latest quarterly data from the Fiserv Case-Shiller Indexes, which track home-price trends in more than 380 U.S. metro markets.

But before that uptick begins, prices are expected to fall 2.5 percent between now and the second quarter of 2013, the indexes show.

Through June 30 of this year, home prices in the Tucson metro area rose 0.5 percent, in keeping with a trend across the country that showed a slow but steady recovery in the housing market.

Fiserv Case-Shiller Indexes show the average U.S. home prices in the second quarter of 2012 increased 1.2 percent from the same time last year.

From their peak in 2006, home prices in Tucson fell 42.6 percent through the second quarter of 2012.

Gabriela Rico

Raytheon getting $422M for bomb-guidance kits

Tucson-based Raytheon Missile Systems has been awarded a $422 million contract to supply its Paveway II series of bomb-guidance kits in a direct sale to an undisclosed foreign customer, the company said Wednesday.

Paveway is a Raytheon-designed kit that transforms standard, unguided bombs into precision-guided munitions. Newer versions of Paveway include GPS satellite and inertial navigation capabilities, in addition to the original laser guidance.

Besides the U.S., more than 40 allied nations use various versions of the Paveway.

David Wichner