Home prices in the US surged 6.0% in July compared to a year ago (not seasonally-adjusted), and 0.4% compared to June, according to the S&P CoreLogic Case-Shiller National Home Price Index released this morning. The index is now 11.2% above the July 2006 peak of the first housing bubble in this millennium, “Housing Bubble 1,” which was called a “healthy” housing market during it, and was called “bubble” and “unsustainable” only after its collapse. However, collective memory changes, and now, this peak of the collapsed bubble has become the new-normal base of what is once again a “healthy” housing market. The index has surged 53% from the bottom of “Housing Bust 1”. CLICK for complete article