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Capitol Report: House prices are historically high when compared to rent and pay

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An Open House sign directs prospective buyers to property for sale in Monterey Park, Calif.

The latest report on U.S. home prices continued to show growth far ahead of inflation.

According to the S&P CoreLogic Case-Shiller 20-city composite, prices grew 5.2% in the 12 months ending May.

That continues a streak since September 2012 in which the yearly price appreciation on a house has outpaced consumer prices. In the 12 months ending May, consumer prices grew only 1%.

Clearly, something has to give. Either the economy needs to noticeably rev higher or prices will decelerate, if not fall.

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