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Home-price gain best since 2005

By Judy Martel · Bankrate.com
Wednesday, January 8, 2014
Posted: 6 am ET

Home prices rose 11.8 percent year-over-year in November and are projected to show an 11.5 percent increase for all of 2013, making it the best year for growth since 2005, according to CoreLogic.

While prices gained nearly 1 percent in August during peak buying and selling activity, they increased a paltry 0.1 percent from October to November. The report doesn't reflect seasonal real-estate patterns, such as the cold winter weather that typically puts a damper on home sales.

Where the biggest increases were

States that saw the highest year-over-year home-price increases in November were Nevada, 25.3 percent; California, 21.3 percent; Michigan, 14.4 percent; Arizona, 13.5 percent; and Georgia, 13.3 percent. Only one state, Arkansas, saw price decreases. It was down 1.1 percent year-over-year.

Looking forward to a report about the past

Sales of existing homes are also expected to show a double-digit increase for 2013, according to the National Association of Realtors, which forecasts a 10 percent gain after December's numbers are calculated.

A prediction, this time about the future

According to the Associated Press, economists predict home prices will rise approximately 5 percent in the coming year. Along with rising prices, higher mortgage rates could slow activity in 2014.

Keep up with your wealth and mortgages and follow me on Twitter: @JudyMartel.

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1 Comment
leslie ridge
January 08, 2014 at 10:28 am

I will be 90 yrs old on my next birthday. ww2 vet ,wear four bronze stars on my war ribbons . if u could see to it that I could ave 24 hr care because I now have lou gerighs disease .,,would not help u much but it sure would help me .

leslie ridge

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