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CoreLogic: Home Prices Sustain Recovery with 4.6% Yearly Gain

Home prices continued to trend upwards in August, posting both yearly and monthly gains for the sixth consecutive month, ""CoreLogic"":http://www.corelogic.com/ reported Tuesday.

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When including distressed sales, home prices in August rose 4.6 percent from a year ago, marking the biggest yearly gain since July 2006. Month-over-month, prices were up 0.3 percent from July to August.

When excluding distressed sales, which are short sales and REO transactions, prices were up yearly and monthly by 4.9 percent and 1 percent, respectively.

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CoreLogic's Pending HPI points to further increases into September. Prices including distressed sales are expected to rise by 5 percent yearly and 0.3 percent monthly.

""Sustained economic recovery in the U.S. requires a healthy housing market. You cannot have a healthy housing market without price stabilization and ultimately home price appreciation,"" said Anand Nallathambi, president and CEO of CoreLogic, in a release. ""Improving pricing trends over the past few months and our forecast for continued gains in September bode well for a progressive rebound in the residential housing market.""

On a state-by-state basis, all but six states saw price gains.

Including distressed sales, the five states that appreciated the most over a one-year period were Arizona (+18.2 percent), Idaho (+10.4 percent), Nevada (+9.0 percent), Utah (+8.9 percent) and Hawaii (+8 percent).

Rhode Island led with the biggest decline, where prices fell 2.6 percent, followed by Illinois (-2.3 percent), New Jersey (-1.4 percent), Alabama (-0.7 percent) and Connecticut (-0.5 percent).

Phoenix continued to outshine other metros, rising 21.8 percent from August 2011. Houston ranked second, but was still far behind, gaining 6.3 percent during the same period. Washington D.C. (+4.8 percent), Dallas (+4.3 percent), and Los Angeles (4 percent) were also among the top five.

About Author: Esther Cho

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