Home price indexes: a closer look beneath the headlines Home prices went up 1.2% in the past 12 months according to the SP/Case-Shiller index released today. Unfortunately inflation was up 1.7% in the past 12 months, so housing on an inflation adjusted basis is still going down. Outsized gains occurred in areas hard hit by foreclosures, which skewed the report. If the gain from those areas had not been included then housing would have gone down. The large gains in hard hit areas were probably due to investors buying deeply discounted property to rent out, rather than because of buying by owner-occupant buyers. The gains were concentrated in affluent areas. The more educated someone is the lower their unemployment rate,
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