Clear Channel Outdoor Holdings (CCO) News

NEW YORK, July 27 (UPI) -- A closely watched report on U.S. housing showed Tuesday that home prices were up 4.6 percent in May compared with April in a 20-city index.

The monthly S&P/Case Shiller index showed price improvements for both the 10-city and 20-city surveys, but mixed results overall.

The 10-city home price index rose 5.4 percent, but in the larger index only 12 of the 20 cities showed home prices making gains. A month ago, 18 of the 20 cities in the larger index showed price improvements.

"While May's report on its own looks somewhat positive, a broader look at home price levels over the past year still do not indicate that the housing market is in any form of sustained recovery," said Chairman of the Index Committee David Blitzer.

Traditionally, the summer is "a strong seasonal period for home prices," which means some of the gains were due to seasonal variations, rather than part of a recovery process, Blitzer said.

The survey found prices up 18.3 percent from a year ago in San Francisco, 12.4 percent higher in San Diego and 11.6 percent higher than May 2009 in Minneapolis.

But prices are down 6.5 percent from May 2009 in Las Vegas, 2.8 percent in Charlotte, N.C., and 2.5 percent in Detroit.

FORT LAUDERDALE, Fla., July 27 (UPI) -- A hedge fund manager in Florida will pay $5 million and sacrifice most of his assets to make up for funneling funds to a $1.4 billion Ponzi scheme.

George Levin, manager of Banyon investment firm, channeled $830 million to the scheme set up by attorney Scott Rothstein, the South Florida Sun-Sentinel reported Tuesday.

The court agreed to let Levin keep his $4.2 million home in Fort Lauderdale and about $750,000. Beyond that, Levin, who is said to be worth about $100 million, will divest himself of his remaining assets, keeping 15 percent and giving 85 percent to the court.

Levin has not admitted he was aware the Rothstein investments were a Ponzi operation -- a scheme in which money from new investors pays the dividends to established investors to bolster the schemer's credibility. Meanwhile, few legitimate investments, if any, are being made.

ATLANTA, July 27 (UPI) -- The city of Atlanta said it would appeal a court decision that awarded $17.5 million to an advertising firm that claimed corruption in awarding contracts.

The federal court ordered the city, Clear Channel Outdoor (NYSE:CCO) Inc. and Barbara Fouch, a businesswoman, to pay $8.5 million in compensatory damages and $9 million in punitive damages to Corey Airport Services and owner Billy Corey, who failed to win a bid on indoor advertising at the Hartsfield-Jackson International Airport, the Atlanta Journal-Constitution reported Tuesday.

Evidence presented at trial included a note from Fouch to Clear Channel requesting $50,000 for an "airport contract proposal fund" that would help secure "continuation of the (advertising) contract," the newspaper said.

In addition, the airport's general manager from 1993 to 1998, Angela Gittens, testified that former Mayor Bill Campbell told her not to put a bid out for the indoor advertising contract to protect Fouch, a friend, from being "hurt."

Acting city attorney Petter Andrews, however, said, "The city is disappointed with today's verdict."

"The city respects the judicial process, but does not believe the verdict is supported by the evidence presented at trial," he said in a statement.