US Home Prices Surged , More Than 18 Percent in October.
The S&P CoreLogic Case-Shiller 20-city home price index was released on Dec. 28.
It revealed an average increase of
18.4 percent in home prices for October this year.
Phoenix, AZ, had the steepest increase in home prices, with an uptick of 32.3 percent.
Tampa and Miami followed Phoenix with 28.1 and 25.7 percent increases, respectively. .
Minneapolis and Chicago experienced the smallest increase with an uptick of 11.5 percent for each city.
Economists had been expecting an increase in line with what the S&P data revealed.
While analysts believe the increase likely is reflective of hopes for a receding COVID-19 pandemic.
they also stated that the reasons behind the significant increase are complex.
We have previously suggested that the strength in the U.S. housing market is being driven in part by a change in locational preferences as households react to the COVID pandemic. , Craig Lazzara, S&P Dow Jones Indices, via CNBC.
It is also unclear if these increases are long-term or reflective of a boom in the housing market.
More data will be required to understand whether this demand surge represents an acceleration of purchases that would have occurred over the next
several years.., Craig Lazzara, S&P Dow Jones Indices, via CNBC.
... or reflects a more permanent secular change, Craig Lazzara, S&P Dow Jones Indices, via CNBC.
Mortgage rates continue to slide downward, .
perhaps as a reflection of increased uncertainty over Omicron and other COVID-19 variants
Credit: Wibbitz Top Stories Duration: 01:31Published
This Day in History: , Al Pacino Stars in 'Scarface'.
December 9, 1983.
Directed by Brian De Palma
and written by Oliver Stone,
'Scarface' opened on
this day in the U.S.
Screen legend Al Pacino played Tony Montana,
a Cuban refugee who becomes a Miami drug kingpin.
The film received
mixed critical reviews
because of its violence.
But audiences loved
it. 'Scarface' has since
taken on an iconic status.
According to Pacino,
his portrayal of Tony Montana
had been inspired in part by
welterweight boxer Roberto Duran.
The film co-starred Robert
Loggia, Michelle Pfeiffer, Mary
Elizabeth Mastrantonio and Steven Bauer
Credit: Wibbitz Top Stories Duration: 00:48Published