Home prices continue to rise in South Florida and across the country, a new report shows.
The Standard & Poor’s/Case-Shiller home price index for Palm Beach, Broward and Miami-Dade counties rose 13 percent in April from a year ago. It's the 16th consecutive increase.
The index covering 20 metro areas nationwide posted its highest jump in seven years. All 20 cities posted annual price gains, led by San Francisco at 23.9 percent.
Some analysts say an expected rise in mortgage rates will slow the housing rebound, but David M. Blitzer, chairman of the index committee, isn’t so sure.
“Home buyers have survived rising mortgage rates in the past, often by shifting from fixed rate to adjustable rate loans,” Blitzer said in a statement. “In the housing boom, bust and recovery, banks’ credit quality standards were more important than the level of mortgage rates. The most recent Fed Senior Loan Officer Opinion Survey shows that some banks are easing credit restrictions. Given this, the recovery should continue.”
by Paul Owens