“A number of the cities that have done the best have been glamour cities,” said Robert Shiller, an economics professor at Yale University and co-creator of the S&P/Case-Shiller property-value indexes. “People have this speculative fervor. It comes back.”
A tight supply of homes and an increase in affordability fueled by record-low mortgage rates are helping shore up some regional markets where values plunged during the recession. San Francisco’s home prices rose at a 16 percent annual rate in the three months that ended in April, Case-Shiller shows.
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