Dive Brief:
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Home prices are still rising, but slowly and less than economists expected, the Case-Shiller Home Price Index showed on Tuesday.
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While home prices increased 5.6% from July 2013 to July 2014, they dropped from 6.3% in June, and are growing at the slowest rate since November 2012, the report said.
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Prices are rising faster in Southern and Western cities whose home prices dropped the most during the recession.
Dive Insight:
Bill Banfield, vice president of Quicken Loans, told The Los Angeles Times that the “slow but steady” growth in home prices is more normal than huge spikes. "Unless we see a significant change in the economy, I don't see this changing in the near future,” he said.