Housing data out this week continues to support the case that a recovery is in the making.
Home prices jumped 8.6% and 9.3% since February 2012, according to the latest reading of the S&P/Case-Shiller Home Price Index for its 10- and 20-city composites. Those are the biggest gains since 2006.
Pending home sales for March also ticked up 1.5% to the highest level in three years, according to the National Association of Realtors.
Rick Newman, the chief business correspondent for U.S. News and World Report, sat down with The Daily Ticker's Lauren Lyster at the 2013 Milken Institute Global Conference to discuss what's driving the housing market.
He says both individuals and institutional investors are pushing the market forward.
In March, Blackstone Group took out a $2 billion loan to invest in single-family homes, the Wall Street Journal reported. But Blackstone is not alone. Firms like Colony CapitalRead More »from ‘Homeownership Is Still the Cornerstone of the American Dream’: Rick Newman