When the S&P CoreLogic Case-Shiller
and Federal Housing Finance Agency’s price reports for March were released we
wrote that the superlatives were getting tired. The April report has prompted
Case Shiller to roll out the term “extraordinary.” Where do we go from here? The Case-Shiller U.S. National Home Price Index,
which covers all nine census divisions, reported a 14.6 percent annual gain in
April, up from 13.3 percent in March. It was the 11th straight month
of increasing prices. The 10-City Composite posted a 14.4 percent increase and
growth on the 20-City Composite was 14.9 percent. In March, their respective changes
were 12.9 percent and 13.4 percent. The monthly gains were just as
significant. On a non-seasonally adjusted basis, the National Index and the
20-City Composite were each up 2.1 percent while the 10-City rose 1.9 percent. After
adjustment, the National and 20-City grew 1.6 percent and the 10-City gained
1.4 percent. All 20 cities reported increases before and after seasonal
adjustments and all gained more in the 12 months ended in April than in the 12
months ended in March.  


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