Market Update: Case-Shiller: Home Prices Rise 9.3%

This morning’s Case-Shiller Home Price Index reported that U.S. home prices rose 9.3% in February from the previous year. Quicken Loans Chief Economist Bob Walters offers the following comments on the report:

“The lack of homes available for purchase has forced potential buyers into bidding wars. This clash of supply and demand has pushed home prices higher. While this is welcome news for sellers or those underwater on their mortgages, the lack of housing inventory has been troubling for both first time homebuyers and those looking to upgrade from their current property.”

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