Home Prices Unlikely to Come ‘Roaring’ Back, Case Says
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U.S. home prices, which climbed more than forecast in July, are unlikely to come “roaring” back as the housing market reaches bottom, according to Karl Case, the economist who co-created the S&P/Case-Shiller index.
The gauge of property values in 20 cities rose 1.2 percent from July 2011, the biggest 12-month jump since August 2010, a report from the group showed today in New York. The median forecast of 23 economists surveyed by Bloomberg called for a 1.1 percent gain. The increase followed an advance in June that was the first on a year-over-year basis since a temporary federal tax credit boosted sales in 2010.