Now that home prices are rising again, watch for investors to step back from the market.
Home prices in June rose by 0.5% from one year ago, according to the S&P/Case-Shiller home price index released on Tuesday. That is the first year-over-year increase in the since a tax credit-fueled home-buying rush two years ago.
Prices began rising earlier this year amid a strong bid from investors for bargain-priced foreclosures. They have continued to climb as more buyers chase fewer homes for sale. Listings are down sharply from one year ago, the result of banks putting fewer foreclosures up for sale and traditional homeowners sitting on the sidelines. Read More....
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