March home prices see biggest yearly gain in 7 years: CoreLogic

NEW YORK Tue May 7, 2013 8:02am EDT

A bank-owned property for sale sign in Arvada, Colorado June 23, 2009. REUTERS/Rick Wilking

A bank-owned property for sale sign in Arvada, Colorado June 23, 2009.

Credit: Reuters/Rick Wilking

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NEW YORK (Reuters) - Hhome prices rose in March, marking the biggest annual increase in seven years, in the latest sign of strength for the recovering housing market, a report from CoreLogic showed on Tuesday.

CoreLogic's (CLGX.N) home price index jumped 1.9 percent from the previous month and accelerated by 10.5 percent compared to March last year.

That was the biggest year-over-year increase since March 2006, CoreLogic said.

Prices were even stronger excluding distressed sales, rising 2.4 percent from February and 10.7 percent from the year before. Distressed sales include homes that are in danger of foreclosure and properties that have already been seized by lenders.

Home prices have been rising since last year, helped by investor demand and tighter inventory. The top five states with the biggest gains in prices were Nevada, California, Arizona, Idaho and Oregon.

Prices likely continued to rise in April, CoreLogic said, though at a slower pace. Prices are seen rising 1.3 percent for the month and 9.6 percent on an annual basis.

(Reporting by Leah Schnurr; Editing by Richard Chang)

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Comments (4)
Willie12345 wrote:
Not a lot of money is being made available to home buyers. While prices are up and there are a lot of “contingent” sales, closing are not happening.

May 07, 2013 9:22am EDT  --  Report as abuse
Willie12345 wrote:
Not a lot of money is being made available to home buyers. While prices are up and there are a lot of “contingent” sales, closing are not happening.

May 07, 2013 9:22am EDT  --  Report as abuse
jrj906202 wrote:
Great job Bernanke.You have exceeded the fiat Dollar devaluation,of all your predecessors.Expect to see more inflation,in the future.Current 8% inflation is going to look good,soon.

May 07, 2013 11:43am EDT  --  Report as abuse
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