Phoenix home prices up 6 percent

New S&P/Case-Shiller home prices are out this morning and they show Phoenix with the best gains nationally for March. The home price index shows Phoenix with a 6.1 percent gain in March compared to March 2011 and a 2.2 percent increase from February 2012. That is the best performance of the major U.S. markets tracked in the Case-Shiller Index. Nationally, the numbers are not as good with the home price index dropping 2 percent in March compared to February and 1.9 percent compared to March 2011. Los Angeles, Las Vegas, Chicago and San Diego all posted declines. The Phoenix market is still trying to get back to pre-recession levels and recent gains have been spurred by heavy investor activity.

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