Average home prices increased 11.6 percent and 12.1 percent for the 10- and 20-city composites for the 12 months ending in April, according to the S & P/Case-Shiller Home Price Indices. From March to April the 10- and 20-City composites rose 2.6 and 2.5 percent.
"The 10- and 20-city composites posted their highest monthly gains in the history of S & P/Case-Shiller Home Price Indices," said David M. Blitzer, chairman of the index committee at S & P Dow Jones Indices, in a statement. "Last week's comments from the Fed and the resulting sharp increase in treasury yields sparked fears that rising mortgage rates will damage the housing rebound. The most recent Fed Senior Loan Officer Opinion Survey shows that some banks are easing credit restrictions. Given this, the recovery should continue."
