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U.S. Home Price Increases Slow Everywhere but New York City

The latest S&P/Case-Shiller home price index report shows that while prices of homes around the country are continuing to climb, they are not climbing as fast as they once did.

The latest S&P/Case-Shiller home price index report shows that while prices of homes around the country are continuing to climb, they are not climbing as fast as they once did. In July, 19 of the 20 housing markets the report tracks, only New York City saw prices climb. S&P's Index Committee Chairman David Blitzer attributes the slowdown in rising home prices to home buyers who may want a new home, but haven't seen their wages or incomes climb in tandem to justify paying higher prices for homes. New home sales saw a small increase in August, but for the most part, Blitzer said the housing market has been pretty weak. Blitzer points to the anemic pace of new construction which 'suggests the builders don't see a lot of reason to be optimistic either.' TheStreet's Ruben Ramirez reports from New York.

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