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Home prices improve significantly to begin 2013


Home prices rose in January.

The residential home price situation showed significant gains in January compared to the same month in 2012, which may signal the market is continuing its recovery.

Home prices for properties sold in January rose 9.7 percent from the figure recorded one year earlier, according to CoreLogic's Home Price Index report. This was the 11th month in a row where a gain occurred, as well as the most significant jump since before the housing market crash.

"The HPI showed strong growth during the typically slow winter season," said Mark Fleming, chief economist for CoreLogic. "With these gains, the housing market is poised to enter the spring selling season on sound footing."

Compared to December, home price levels rose nearly 1 percent, the report noted. The strengthening home sales situation was due to every state except for Illinois and Delaware registering price increases from 12 months earlier.

While home prices are growing rapidly, this theme should continue into the future. Total home prices should increase by nearly 4 percent between the third and fourth quarters of this year, a report from Fiserv and Case-Shiller explained. There also may be a gain in prices of approximately 3.3 percent in the next half-decade.

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