For the third consecutive month, each of the 20 cities tracked by Standard & Poor’s Case-Shiller home price index is showing higher housing prices over last year.
"The 20-city composite [Case-Shiller] index rose 10.9 percent over the last year," reports Catherine Rampell. "That is the biggest annual increase since April 2006. Several cities – Charlotte, N.C.; Los Angeles; Portland, Ore.; Seattle; and Tampa, Fla. – had their largest month-over-month gains in more than seven years."
"Economists generally expect home prices to continue rising, particularly as the economy improves and more young people move out of their parents’ basements and form their own households," Rampell adds. "And many dismiss concerns of a potential bubble, because housing prices remain well below their highs. Even after 10 straight months of year-over-year gain, the 20-city composite price index is still 28 percent below its previous peak in July 2006."
Read the full story: House Prices Show Largest Gain in Years
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