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CoreLogic Records Biggest HPI Gain Since 2006

The U.S. housing market gained ground in November, according to CoreLogic's most recent Home Price Index (HPI) report. The data provider says November saw the biggest annual gain in home prices since May 2006.

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When including distressed sales, home prices in November rose 7.4 percent year-over-year and displayed a slight month-over-month increase, rising 0.3 percent from October. Excluding distressed sales, home prices nationwide increased 6.7 percent annually and were up 0.9 percent monthly.

For the month of December, the data provider's pending HPI shows prices continuing upward by an estimated 7.9 percent year-over-year, but seasonal challenges will likely lead to a month-over-month drop of 0.5 percent.

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""As we close out 2012 the pending index suggests prices will remain strong,"" said Mark Fleming, chief economist for CoreLogic, in a release. ""Given the recently released QM rules issued by the CFPB are not expected to significantly restrict credit availability relative to today, the gains made in 2012 will likely be sustained into 2013.""

Anand Nallathambi, president and CEO of CoreLogic, added, ""We still have a long way to go to return to 2005-2006 levels, but all signals currently point to a progressive stabilization of the housing market and the positive trend in home price appreciation to continue into 2013.""

CoreLogic's HPI also revealed all but six states registered annual price gains. The six states were Delaware (-4.9 percent), Illinois (-2.2 percent), Connecticut (-0.5 percent), New Jersey (-0.5 percent), Rhode Island (-0.3 percent), and Pennsylvania (-0.1 percent).

The states that experienced the biggest price gains were Arizona (+20.9 percent), Nevada (+14.2 percent), Idaho (+13.8 percent), North Dakota (+11.3 percent), California (+11.1 percent).

Among the 100 largest metros, as measured by population, 13 saw prices fall over a one-year period ending in November.

The metros that posted the biggest annual gains were Phoenix (+24.2 percent), Riverside (+9.7 percent), Los Angeles (+8.4 percent), Houston (+7.4 percent), New York (+6.5 percent).

About Author: Esther Cho

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