HOUSING PRICES SOAR IN MAY AS DEMAND SURGES

Prices for U.S. homes rose faster in May than they have in 17 years as surging demand for housing outstripped the supply. The S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, soared 17% in May from a year earlier on top of a 15% jump in April. The May increase was the biggest since August 2004.The hottest markets were Phoenix (where prices surged 25.9%), San Diego (24.7%) and Seattle (23.4%).