The S&P/Case-Shiller® Home Price Index® report is out this morning and reflects what we already knew. The national housing market was extremely strong between February and April, the period for which prices are measured by the June report. The strong price rises in the Phoenix market are starting to look modest compared with some other cities, as we have now been overtaken by San Francisco and Las Vegas based on annual change. We have even dropped down to 17th place based on the monthly change. The annual increase for Phoenix was 21.5% and the increase since last month was 1.7%. It is hard to believe that a monthly increase of 1.7% is only good enough for just 17th place. But this is because the monthly increase for the 10-city and 20-city composites both set a new all-time record. The housing recovery is clearly gaining momentum nationwide and is likely to continue strengthening based on the national home supply shortage. No doubt the permanent pessimists will change their “housing recovery is over” call back to “it’s a new bubble” again.