Housing prices rise - ABC 33/40 - Birmingham News, Weather, Sports

Housing prices rise

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There is encouraging news in the housing market. Home prices in 20 major markets posted a 9.3 percent rise over the last 12 months.  That is according to the S&P Case-Shiller Index.  This rate is up from the 8.1 percent rise in January.  It is also the biggest 12-month gain in the index since May 2006.

The housing recovery has been driven by a near record-low mortgage rates, a drop in foreclosures and reduced unemployment.  Despite the improvement, the index is still down 28 percent from the peak in 2006.

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