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Home Prices Hit New High In Nine Month Climb as Affordability Tumbles

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U.S. home prices climbed to their highest point ever in October alongside nearly 8 percent mortgage rates, fueling home unaffordability for average Americans, according to data released Tuesday by S&P Global.

The Case-Shiller home price index, which measures home prices in 20 major metro markets, rose by 0.6 percent for the month of October when seasonally adjusted, or 4.8 percent year-over-year, higher than the 4 percent seen in the previous month, according to a release from S&P Global. The month-to-month growth resulted in the highest level of home prices in U.S. history, following nine months of consecutive increases.

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Commentary: The Post-Normal World After COVID

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Like most polls, Gallup polls are usually paid advertisements for whomever commissions them and therefore deserving of as little attention. However, the indefatigable Sharyl Attkisson recently reported on the results of one such survey and that did draw my attention. Evidently, 47 percent of Americans say life will never go back to pre-pandemic normal. I was somewhat stunned! How could 53 percent be thinking we could go back? 

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