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U.S. Home Prices Rise At Fastest Pace Since 2006

U.S. Home Prices Rise At Fastest Pace Since 2006

Home prices in major U.S. metropolitan areas increased roughly in line with economist estimates in the month of January, Standard & Poor's revealed in a report on Tuesday.

The report showed that the S&P/Case-Shiller 20-City Composite Home Price Index increased by an annual rate of 8.1 percent in January compared to the 6.8 percent increase reported for December.

The year-over-year growth in home prices in January nearly matched economist estimates and reflected the strongest growth since June of 2006.

David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices, said, "This marks the highest increase since the housing bubble burst."

S&P said the 20-City Composite Home Price Index for January edged up by 0.1 percent on a monthly basis compared to a 0.2 percent increase in the previous month.

On a seasonally adjusted basis, the index rose by 1.0 percent in January following a 0.9 percent increase in December. The increase came in line with economist estimates.

by RTT Staff Writer

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