U.S. Housing Sector Hit by Sharp Inflation

Bloomberg reported that U.S. home prices surged 19.7% in July (year on year), the biggest jump in more than 30 years, as reflected in the S&P CoreLogic Case-Shiller index of property values nationwide. This followed a 18.7% jump in June and was the 14th straight month of accelerating price increases. Phoenix was the worst hit of major American cities, with a 32.4% increase. There is a similar trend in rents.