With the help of historically low interest rates and inventory levels, home prices have surged in many parts of the country. In June, home prices across the nation jumped an average of 12.1 percent according to the S&P/Case-Shiller composite index of 20 metropolitan areas. All 20 cities posted gains on a monthly and annual basis. Home prices are still 23 percent below their bubble peak but have bounced back nearly 50 percent since the March 2009 low. “National home prices rose more than 10 percent annually in each of the last two quarters,” said David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. “The Southwest and California have consistently led the recovery, with Las Vegas, Los Angeles, Phoenix, and San Francisco posting at least 15 months of gains.” [Read this article]
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