Home Price Boomlet May Be Over
S&P Case-Schiller is Wall Street’s favorite real estate index. I’m not so crazy about it, partly because it lags reality by more than two months and partly because it draws its data from major cities. Nonetheless, it’s worth something.
The home-price index covering 10 major U.S. cities increased 13.6% in the year ended in October, according to the S&P/Case-Shiller home-price report. The 20-city price index also increased 13.6%, close to the 13.7% advance expected by economists.
S&P experts read this data from October as indicating the home price boomlet we had mid-year may be over. Prices WILL KEEP GOING UP in 2014, just not so fast.
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