The release of the latest S&P/Case-Shiller Home Prices Indices turned out to be anticlimatic as rising mortgage rates spooked the market a bit, causing home price appreciation to subside a bit in key markets. On the other hand, markets once considered ‘struggling’ saw their prices soar. The June S&P Case-Shiller report, while still impressive, fell slightly showing a 12.1% gain in home prices year-over-year. That is still comparable to the 12.2% annual home price gain recorded in May – the largest gain recorded since March 2006. Atlanta saw the most home price growth, up 3.4% in June. Las Vegas and San Diego followed with 2.8% and 2.79% monthly gains, respectively. The emergence of once distressed markets became clear as cities like Las Vegas saw rapid price appreciation. [Read this article]
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