In the United States, the S&P/Case-Shiller 10-City Home Price Index recorded the biggest turnaround since the index began in 1987, rising 5% (a 15% annual rate) from April to August 2009, after having fallen 7% (a 21% annual rate) in the four months from December 2008 to March 2009. Recent increases in home prices have also been seen in Australia, the United Kingdom, Hong Kong, Korea, Singapore, and Sweden, and optimistic talk is heard in still more places.