From Real Time Economics:
U.S. home prices aren’t rising as fast as they were a year ago
following a slowdown in sales triggered by last year’s jump in mortgage
rates.
The latest S&P/Case-Shiller index shows that
home prices rose 6.2% in June from a year earlier. The big questions now
are whether, when, and at what level do year-over-year price changes
normalize after the volatile decade that began with a sharp spike and
then collapse in prices.
On a monthly basis, prices rose 1% in the Case-Shiller 20-city index.
After adjusting for seasonal factors, prices were down 0.2% for the
second straight month in June, though S&P has cautioned that its
seasonally adjusted series isn’t reliable right now. The unusually high
level of foreclosed property sales over the last five years has
distorted the seasonal adjustment because those sales don’t follow a
normal seasonal pattern.....MORE
