The annual measure of home prices still managed to increase 13.7% in November, but that was only slightly better than the rise in October.
The housing recovery was one of the stronger features of the economy last year. It boosted household wealth and home construction. With mortgage rates climbing steadily since hitting record lows in May, its clear the housing recovery is starting to lose steam.
Housing may make further contributions to the economy in 2014, but it's pace is likely to slow during the year. Housing experts say that more modest price increases are probably a good thing for the housing market. The rapid increases of last year are not sustainable.
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