House prices soar 12.4% in biggest U.S. cities

Selling prices for U.S. homes saw their biggest gain in more than seven years during the year that ended in July, according to the widely followed Standard & Poor's/Case-Shiller index of property values in 20 cities. Prices jumped 12.4% compared with the same month a year earlier, and they rose 0.6% from June to July. "More cities are experiencing slow gains each month than the previous month, suggesting that the rate of increase may have peaked," said David Blitzer, chairman of the S&P index committee.

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