For months, a slew of pundits have pointed to figures which allegedly show that home prices are now on the rise around the country. Nearly all refer to the Case-Shiller price index which has become the gold standard of whatâ??s going on in housing markets. The June index revealed that the year-over-year price declines for 20 major cities had finally ended. Prices in June were higher than May in most of these metros. Analysts were most excited by how Phoenix had turned around. The Phoenix index was up by nearly 14% year-over-year.
Okay, letâ??s see what is really occurring in Phoenix.
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