US Home Prices Rise Above July 2006 Levels, Hit New Record High
Almost exactly ten years after the last housing bubble burst, unleashing a dramatic crash in US real estate prices – something Ben Bernanke had said in 2005 would be unprecedented, and is thus not a risk factor – today Case Shiller reported that as of September, its Index covering all nine U. S. census divisions, surpassed the peak set in July 2006 as the housing boom topped out, and in doing so the average home price has now climbed back above the record reached more than a decade ago, bringing to a close the worst period for the housing market since the Great Depression.
The average home price for September was 0.1% above the July 2006 peak in nominal terms. The National index reported a 5.5% annual gain in September, up from 5.1% last month. The 10-City Composite posted a 4.3% annual increase, up from 4.2% the previous month. The 20-City Composite reported a year-over-year gain of 5.1%, unchanged from August.
This post was published at Zero Hedge on Nov 29, 2016.