America's housing recovery gathers speed

House prices in America are rising at their fastest rate since 2006.

American house prices are growing at the fastest annual rate since before the crash in 2006. That's according to the widely watched Case-Shiller index of national house prices, which covers 20 cities. It showed that prices were up 5.5% year-on-year in November, although prices are still 30% off their peak. #

In 2012 as a whole, sales of new houses jumped by 20%, the fastest yearly rise since 1983. Combined sales of new and previously owned houses gained 9.9%, the best result since 1998. Spending on residential construction has reached an 18-year high.

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