U.S. housing market roars into 2017, Case-Shiller says; further growth expected, says real estate consultant Jim Belfiore

Home prices shrug off higher interest rates to cap year of robust growth in 2016

By Laura Kusisto | The Wall Street Journa;

Home prices jumped in December to their fastest full-year growth since 2013, as buyers shrugged off the effects of higher interest rates.

The S&P CoreLogic Case-Shiller Indices, covering the entire nation, rose 5.8% in the 12 months ended in December, compared with a 5.6% year-over-year increase reported in November.

The 10-city index gained 4.9% over the year, up from 4.4% the previous month, while the 20-city index gained 5.6% year-over-year, versus a 5.2% increase in November.

Continued:

“Metro Phoenix capped last year off with 10 percent more new home sales than during the prior year. In the first two months, sales have moved up further- 13 percent above the same period one year ago. Belfiore anticipates growth now rather than a pullback, as buyers try to beat rising payments expected to come with higher Fed and mortgage interest rates.”

~ Jim Belfiore

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