Case-Shiller index rises in January

NEW YORK — U.S. home prices in major cities appreciated more than expected in January as the S&P/Case-Shiller 20-City Composite Index rose 0.8% from December. Released this week, the index showed growth of about 5.7% from the previous year, meeting expectations. “Home prices are rising very rapidly — twice the rate of inflation,” David M. Blitzer, the index committee’s chairman, told CNBC. There is very, very little supply. There is four to five months supply in the market right now, which is quite low.”