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U.S. home prices rose by most in nearly 7 years; Chicago lags

Updated: March 5, 2013 1:04PM



U.S. home prices jumped in January, a sign the housing market is gaining momentum as it nears the spring selling season. Yet gains in Chicago lagged, barely showing an increase.

Home prices rose 9.7 percent in January from a year ago, according to data released Tuesday by CoreLogic. That’s up from an 8.3 percent increase in December and the biggest annual gain since April 2006.

U.S. home prices also rose 0.7 percent in January from December. That’s a solid increase given that sales usually slow over the winter months.

Prices rose in all states except Delaware and Illinois. And prices increased in 92 of the 100 largest metro areas, up from 87 in December.

In Chicago-Joliet-Naperville, home prices, including distressed sales, increased by 0.6 percent in January compared to January 2012. On a month-over-month basis, home prices, including distressed sales, increased by 0.3 percent from December.

Foreclosures and short sales weighed on the local market. Excluding distressed sales, year-over-year prices increased by 4.3 percent and 3 percent month-over-month, according to CoreLogic HPI.

Contributing: AP



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