It seems appropriate on a day when the Federal Reserve is making an interest-rate decision to look at the most rate-sensitive sector, housing.

The Case-Shiller house price report released on Tuesday, showing an 11.9% surge for the 20-city composite in the three months ending February, was jaw dropping. Bespoke Investment Group calculates the annualized rise over the last eight months for the national index was 15.3% — a stronger period than even the subprime boom, or in fact any period in the series that dates back to the mid-1980s.

“This level of price appreciation…

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