Home prices post highest annual gain since 2006

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Home prices posted their largest annual increase in more than seven years in October, rising by 13.6 percent, according to the S&P/Case-Shiller 20-City Composite index.

On a monthly basis, prices rose a seasonally adjusted 1 percent, the same gain recorded for September. Though the rate of price growth did not slip from the previous month on a seasonally adjusted basis, it did drop on an unadjusted basis.

Pointing to the slowdown in absolute numbers, David M. Blitzer, chairman of the index committee at S&P, said that “we are living on borrowed time and the boom is fading.”

Source: S&P Dow Jones Indices