Home Price on the Rise Again: Strongest Since 2006

The closely watched S&P/Case Shiller survey released just over an hour ago revealed average home prices increased 8.6% and 9.3% for the 10- and 20-City Composites in the 12 months ending in February 2013. This is the fastest annual rise since May of 2006. The S&P/Case Shiller composite index of 20 metropolitan areas gained 1.2 percent on a seasonally adjusted basis compared to January, topping forecasts for 0.9 percent. All 20 cities covered by the indices posted a 9.3 percent year-over-year increase beating expectations by .3 percent.