NEW YORK Feb 5 U.S. home prices rose for a
tenth consecutive month on a year-over-year basis in December,
posting their biggest gain in more than six years, data analysis
firm CoreLogic said on Tuesday.
CoreLogic's home price index rose 0.4 percent from
the previous month and added 8.3 percent compared to December a
year ago. The year-on-year jump marked the biggest increase in
the index since May 2006.
Excluding distressed sales, prices were up 7.5 percent on a
yearly basis and 0.9 percent compared to the previous month.
Homeowners in danger of foreclosure, or in "distress", often
sell their homes at a significantly reduced price.
The near year-long run of improving home prices in most U.S.
states has helped cement expectation that the housing market is
finally on the mend - all be it at a slower pace during other
recoveries - after the 2007-09 financial crisis and recession
sent house prices crashing.
"We are heading into 2013 with home prices on the rebound,"
said Anand Nallathambi, president and chief executive of
CoreLogic. "The upward trend in home prices in 2012 was broad
based with 46 of 50 states registering gains for the year. All
signals point to a continued improvement in the fundamentals
underpinning the U.S. housing market recovery."
There continued to be big differences between the pace of
recovery in different parts of the nation, reflecting, in part,
the widely varying impact of the recession on house prices in
The five states with the highest home price appreciation
when distressed sales are counted were: Arizona, up 20.2
percent; Nevada, up 15.3 percent; Idaho, up 14.6 percent;
California, up 12.6 percent; and Hawaii, up 12.5 percent.
Four states posted home price depreciation. They were:
Delaware, down -3.4 percent; Illinois down -2.7 percent; New
Jersey, down -0.9 percent; and Pennsylvania, down -0.5 percent.
Those numbers also include distressed sales.
Of the top 100 statistical areas measured by population, 16
showed year-over-year declines, down from 18 last month.