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Rescooped by CISCD from Coffee Party Election Coverage
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Home price rise sets seven-year record in March: S&P

Home price rise sets seven-year record in March: S&P | supply | Scoop.it

(Reuters) - U.S. single-family home prices rose in March, racking up their best annual gain in nearly seven years in a further sign that the strengthening housing recovery is providing a source of support for the economy, a closely watched survey showed on Tuesday.

 

The S&P/Case Shiller composite index of 20 metropolitan areas gained 1.1 percent in March on a seasonally adjusted basis, topping economists' forecasts for a 1 percent rise.

 

Prices in the 20 cities jumped 10.9 percent year over year, beating expectations for 10.2 percent. This was the biggest increase since April 2006, just before prices peaked in the summer of that year.

 

All 20 cities covered by the index saw yearly gains for the third month in a row. Average prices in March were back at their late-2003 levels.

 

Prices in Phoenix continued their sharp ascent, rising 22.5 percent from a year earlier. Other standouts included San Francisco, up 22.2 percent, and hard-hit Las Vegas, up 20.6 percent.

 

The housing market turned a corner in 2012, several years after its far-reaching collapse. The recovery has picked up since as inventory tightened, foreclosures eased and historically low mortgage rates have attracted buyers.

 

For the first quarter of this year, the seasonally adjusted national index rose 3.9 percent, stronger than the 2.4 percent gain of the final quarter of last year.

 

The data provoked little reaction in financial markets. Wall Street was poised to open higher as comments from central banks around the world reassured investors that supportive monetary policies would remain in place.


Via Michael Charney
CISCD's insight:

In USA, the price of housing has started to increase again, as the supply of empty houses left over from the financial crisis begins to fall.

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CISCD's comment, May 31, 2013 3:43 AM
Why do house prices matter for the economy? Higher house prices mean that people own more wealth, and therefore have more confidence to spend, increasing demand in the economy
Rescooped by CISCD from The Indigenous Uprising of the British Isles
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Immigration is driving up home prices, says the minister who believes houses are better than green fields

Immigration is driving up home prices, says the minister who believes houses are better than green fields | supply | Scoop.it
Nick Boles, pictured, said he has changed his mind about immigration after seeing how the arrival of 2 million new immigrants over the last decade has left Britain short of houses.

Via Infidel Patriot
CISCD's insight:

This is Nick Boles' idea about the supply of houses in Britain.

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CISCD's comment, May 31, 2013 5:37 AM
Demand for housing greater than the supply of housing due to immigration?