Housing Market Sees Biggest Jump in 2 Years
By: Big 2 News Staff
Updated: December 27, 2012
We're getting another sign that the housing market is picking up steam.
The latest reading of the closely followed S&P/Case-Shiller index shows home prices were up more than four percent in October, compared to a year earlier.
That's the biggest percentage gain in more than two years.
And it marks the fifth straight month that the index has been up on a year-over-year basis.
This latest rise comes as the housing market has shown numerous other signs of recovery in recent months.
Low mortgage rates, a drop in foreclosures and lower unemployment are credited with helping prop up home prices.
But, it's important to note, according to the index, prices are still down 29% from the peak reached in June 2006.
The latest reading of the closely followed S&P/Case-Shiller index shows home prices were up more than four percent in October, compared to a year earlier.
That's the biggest percentage gain in more than two years.
And it marks the fifth straight month that the index has been up on a year-over-year basis.
This latest rise comes as the housing market has shown numerous other signs of recovery in recent months.
Low mortgage rates, a drop in foreclosures and lower unemployment are credited with helping prop up home prices.
But, it's important to note, according to the index, prices are still down 29% from the peak reached in June 2006.
