Rising home prices are near a record high. The S&P/Case-Shiller Index by the end of April has risen close to its pre-recession peak, however when adjusted for inflation the index is about 20% below its 2006 peak. The Case-Shiller Index covers the 20 largest cities. The market strength is in high-end homes while the lower end lags. The rate of homeownership has been declining and is presently at a four-decade low of 63.5% according to the Commerce Dept. High income workers concentrate in the big cities and this has driven up rents, which in turn has set off developers in a scramble the build apartments and condos. The average home price in LA is up 6.5% from a year ago according to the index.