Good news for homeowners: The value of your average castle, according to one index, rose in May by 12.2 percent, the highest jump in seven years.

Bloomberg reports: “Historically low borrowing costs, short supply and improving job market are boosting demand for residential property and driving prices up. The climb in home values is also bolstering household finances, which may spur consumer spending, the largest part of the U.S. economy.”

A boost to the overall economy is good news for everybody, not just those who own their own home. Of course the root cause is bad news for aspiring homeowners, who already have to contend with cash buyers, flippers and speculators.

Another reason to hold the champagne: The Bureau of Labor Statistics reports that both the number of unemployed Americans and the unemployment rate, “have shown little change since February.”

So it’s good news for everyone — kind of — but mainly great news for wealthier, property-owning Americans. Welcome to the last 30 years.

— Posted by Peter Z. Scheer

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