News Summary: US home prices jump 10.9 pct.

News Summary: US home prices rise 10.9 pct. in March, biggest annual gain in 7 years

Associated Press

BIG GAIN: U.S. home prices jumped 10.9 percent in March compared with a year ago, the most since April 2006. The Standard & Poor's/Case-Shiller home price index released Tuesday also showed that all 20 cities measured by the report posted year-over-year gains for the third straight month.

SMALL SUPPLY: A growing number of buyers are bidding on a tight supply of homes, driving prices higher and helping the housing market recover. The number of available homes jumped in April, but was still 14 percent below year-ago levels.

ECONOMY BENFITS: Higher home prices make homeowners feel wealthier and encourages more spending.

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