Prices of homes in 20 major U.S. cities tracked by the Standard & Poor's/Case-Shiller index rose in May to their highest level since March 2006. Overall, the index jumped 12.2% compared with May 2012. Svenja Gudell, a senior economist at Zillow, was skeptical, saying price increases higher than 10% are "not normal, not sustainable and, frankly, not very believable."

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