U.S. Home Prices Rose More Than Forecast in Year to July – Bloomberg 09-25-12

Salient to Investors:

The S&P/Case-Shiller index of property values in 20 cities had its biggest 12-month advance since August 2010.

Millan Mulraine at TD Securities says housing has made an important turn that is being sustained.

August saw the strongest pace of single-family starts in more than two years, while purchases of previously-owned homes rose to a two-year high.

The average 30-year fixed mortgage fell to 3.49 percent last week, matching a record low going back to 1972.

Distressed sales accounted for 22 percent of existing-home purchases in August, the lowest since at least October 2008.

Read the full article at http://www.bloomberg.com/news/2012-09-25/home-prices-in-u-s-rose-more-than-forecast-in-year-ended-july.html