Home prices in cities around the country surged 10 percent in the past year to highs last seen at the end of the housing bubble.
Prices around the country rose the most since April 2006, though in most places they are still well below their peak in 2006, according to the Case-Shiller house price index, which includes data through March 2013.
Phoenix, San Francisco and Las Vegas had the biggest jump in home prices, with increases of more than 20 percent compared with a year ago.
The housing market, while apparently on the road to recovery, is not yet fully healed. A large number of homes are still in some stage of foreclosure and investors rather than first-time home buyers make up an outsized chunk of the housing market.
Many economists though are still confident that we are on the way to a healthy market. “This is not a bubble,” says economist Diane Swonk. ”We are regaining lost ground which is a game-changer for most households since their home is what they rely on for wealth.”
Stan Humphries at Zillow.com warns that homes will not seem as cheap once mortgages rates start moving up.
Still the rise in home prices could be among the factors contributing to resilience in consumer spending despite a tax hike at the beginning of the year. As home prices rise consumers feel confident to spend on other items like a new car.
The housing market in cities including Seattle and Charlotte is pushing back into positive territory after a couple of months in decline. Prices were up 3 percent in Seattle compared with a month ago, and 2.4 percent in Charlotte.
Two dogs are dead after police say they were thrown from a moving SUV yesterday. Police got the call around 2:30 Monday morning saying two dogs were tossed from a Ford Expedition onto Interstate 255. It happened near Route 15 in Alorton. According to the Post-Dispatch, the trooper who handled the call said the dogs were young, not puppies, but probably adolescent dogs. The trooper said the dogs were unrecognizable and he was unable to make out the breed. One of the dogs had a collar, but neither of them had tags. Police say The crime would be cruelty to animals. Anyone with information on the case should call 618-346-3627.
Heavy rains mean more flooding is possible along the St. Louis riverfront. The National Weather Service has issued a flood warning for the Mississippi river from Alton to Chester. Weather Service officials say flood warning is the result of heavy rainfall across upstream portions of the basin over the past 48 hours. The river is forecast to rise above flood stage late thursday night and continue rising to near 32.1 feet saturday morning, additional rises are likely thereafter.
Farmers' market merchants and roadside vendors in Missouri can now sell eggs more easily directly to consumers. The state Department of Agriculture has lessened licensing requirements for such businesses. Those who sell eggs directly to consumers now only need a $5 retail license.