Bankruptcy news of the day:

An article from Detroit Free Press.

Excerpt: “U.S. home prices jumped 12.2% — and Detroit’s rose 19.1% — in May compared with a year ago, the biggest annual gain since March 2006. The increase shows the housing recovery is strengthening.

The Standard & Poor’s/Case-Shiller 20-city home price index released Tuesday also surged 2.4% in May from April. The month-over-month gain nearly matched the 2.6% increase in April from March — the highest on record.

The price increases were widespread. All 20 cities showed gains in May from April and compared with a year ago.

Prices in Dallas and Denver reached the highest level on records dating back to 2000. That marks the first time since the housing bust that any city has reached an all-time high.

Home values are rising as more people are bidding on a scarce supply of houses for sale. Steady price increases, along with stable job gains and historically low mortgage rates, have in turn encouraged more Americans to buy homes.

Higher home prices help the economy in several ways. They encourage more sellers to put their homes on the market, boosting supply and sustaining the housing recovery. And they make homeowners feel wealthier, encouraging consumers to spend more….”

Keep reading at the link below!

Credit to original article: http://goo.gl/3wIjEB