The wealth effect from rising house prices may not be as effective as it once was in spurring the U.S. economy.
Consumer confidence unexpectedly jumped in April, and the rebound in home values accelerated earlier this year, showing the recovery in residential real estate is buttressing the U.S. economy.
Residential real-estate prices increased in February by the most since May 2006, showing the U.S. housing market is strengthening.
CoreLogic Inc. said it acquired the Case-Shiller home-price indexes for $6 million, adding a widely used measure of U.S. property values to its real estate data.
Residential real estate prices increased in January by the most since June 2006, indicating the U.S. housing market strengthened at the start of the year.
The housing market may be poised to begin its turnaround in the months to come, according to S&P/Case-Shiller’s Karl Case.
The U.S. housing market “is still bouncing along the bottom” as vacancy rates outpace historically low construction, said economist Karl Case, co- creator of the S&P/Case-Shiller home-price index.
U.S. home prices, which climbed more than forecast in July, are unlikely to come “roaring” back as the housing market reaches bottom, according to Karl Case, the economist who co-created the S&P/Case-Shiller index.
The housing rebound is broadening to other parts of the U.S. economy and will likely lend impetus to growth through 2013 and beyond.
Household wealth in the U.S. climbed in the fourth quarter to the highest level in five years, propelled by a gain in home prices that is helping repair family finances.
"There are a lot of good signs."
- Karl Case on Jan 29, 2013
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