Nationally home prices rose 5.5% in November from a year ago, the strongest increase since the peak of the housing boom in August 2006, according to the Standard & Poor’s/Case0Shiller index. A survey from Lender Processing Services Inc., which tracks about 600 cities, showed home prices were up an average of 5.1% in November from a year ago. Prices are rising after housing inventory fell precipitously over the past year. While much of this was driven by investors who buy homes in bulk and pay cash, the flurry of activity put a floor under prices and made regular consumers more confident about buying again. Many economists expect home prices to keep rising in 2013 because those two forces- low interest rates and a slender inventory of homes for sale. Locally, statistics reflect that home prices in the Detroit Metro Area have risen by 11% from a year ago.
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