Home Prices Notch Double Digit Growth

In yet another measure of the housing market recovery, the S&P/Case Shiller Home Price Index reveals home prices rose 11 percent from a year ago, the first year-over-year double digit gain since early 2006, before the housing bubble hit its high. The gain over last quarter was three percent, following a seven percent increase from Q2 2013. David Blitzer, of S&P Dow Jones, says, “The data suggest a market beginning to shift to slower growth rather than one about to accelerate,” in response to others’ concerns that the housing market is beginning to form another bubble. As CNNMoney tells MHProNews, mortgage rates remain at historically low rates, although they have risen in recent months; but the rebound in home prices also means fewer borrowers are in underwater loans, freeing them up to sell their homes and perhaps buy another one, which also spurs the return of the housing market. This Case Shiller index examines single-family home prices across nine Census Bureau divisions.

(Image credit: globest.com–housing market recovery)

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