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With the help of low mortgage rates and inventory levels, the euphoria in the real estate market continues to build higher. In January, home prices increased on a year-over-year basis for the eleventh consecutive month.
CoreLogic, a leading property information and analytics provider, reported its home price index gained 0.7 percent in January from the previous month. Compared to a year earlier, home prices across the nation jumped 9.7 percent, the biggest increase since April 2006. All but two states, Delaware and Illinois, posted year-over-year price gains.
Excluding distressed sales, home prices gained 9.0 percent on a year-over-year basis in January 2013. On a month-over-month basis, home prices excluding distressed sales increased 1.8 percent from December. The five states with the highest home price appreciation were: Nevada (17.5 percent), Arizona (16.5 percent), California (14.5 percent), Hawaii (13.9 percent), and Idaho (13.2 percent).
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