March 5, 2013 / 1:42 PM / in 5 years

Home prices rose in January: CoreLogic

NEW YORK (Reuters) - Home prices rose at the beginning of the year, another sign the recovery in the housing market is gaining traction, data from CoreLogic showed on Tuesday.

A real estate for sale sign is displayed outside a home in Chandler Heights, Arizona June 2, 2011. Consumers turned more pessimistic in May, while home prices fell back below crisis-era lows in March, pointing to an economy that continues to struggle. REUTERS/Joshua Lott

CoreLogic’s CLGX.N home price index rose 0.7 percent in January from the previous month and jumped 9.7 percent compared to a year ago. It was the biggest yearly increase since April 2006 and the 11th month in a row that prices have increased.

Excluding distressed sales, prices rose 1.8 percent on the month and were up 9 percent from the previous year. Distressed sales include homes that are in danger of foreclosure or have already been seized by lenders and are often sold at a significantly reduced price.

All but two states - Delaware and Illinois - racked up yearly gains.

The report forecast prices would fall by 0.3 percent in February as part of a typical winter slowdown. Still, for the year they are seen up 9.7 percent.

“With these gains, the housing market is poised to enter the spring selling season on a sound footing,” Mark Fleming, chief economist at CoreLogic, said in a statement.

Of the top 100 statistical areas measured by population, 92 showed year-over-year gains, up from 87 in December.

Reporting by Leah Schnurr; Editing by Chizu Nomiyama

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