NEW YORK CITY-Standard & Poor's/Case Shiller's indices show that prices of single-family homes shot up 1.3% in May after a 0.9% increase in April, a reflection of strong home sales driven by federal tax credits. The price index for 20 cities increased 0.5% in May, a 4.6% hike from the previous year.
The increases in these indexes have exceeded the rates forecasted by Reuters polls, which is 0.2% hike on an adjusted basis and 0.3% hike on an unadjusted basis. For the full story, go to Reuters.
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