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Home prices jump in January

Industry News

The almost 10 percent increase marks the biggest year-over-year increase in nearly seven years.

| March 5, 2013

Home prices jumped 9.7 percent in January from a year before and are on track for similar increases for February, market watcher CoreLogic says.

The gain marks the biggest year-over-year increase in almost seven years and the 11th consecutive monthly increase.

The increases, led by Western states, were broad. Only Delaware and Illinois experienced year-over-year price declines, down 0.1 percent and 0.4 pecent, respectively, CoreLogic says.

Prices showed "strong growth during the typically slow winter season," says Mark Fleming, Corelogic economist. "With these gains, the housing market is poised to enter the spring selling season on sound footing."

The states with the fastest home price appreciation are largely those where the housing downturn hit the worst.

Read the rest of the article here.

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