Homeowners Play Large Part in Soaring House Prices: Economist

Homeowners, who have benefited from property values going up, are contributing to prices rising to record levels, a housing economist said, as profits from selling their homes are helping to finance their next purchase, fueling the trend of expensive homes in the market.On Tuesday, the CoreLogic S&P Case-Shiller Index showed that home prices rose by 6.3 percent on a yearly basis in the 10th consecutive monthly price gain for the sector. While there was evidence that the pace of increases was slowing, the market is likely to see prices “remain robust” this year, according to CoreLogic chief…