U.S. Home Prices Record Biggest Yearly Gain In 6 Years

WASHINGTON (December 3, 2012)--A measure of U.S. home prices rose 6.3 percent in October compared with a year ago, the largest yearly gain since July 2006.

The jump adds to signs of a comeback in the once-battered housing market.

Core Logic said Tuesday prices declined 0.2 percent in October from September, the second drop after six straight monthly increases.

The monthly figures are not seasonally adjusted and the real estate data provider says the decline reflects the end of the summer home-buying season.

Prices rose compared with the previous year in all but five states, CoreLogic says.

Steady price increases are fueling the housing recovery, encouraging more homeowners to sell their homes and enticing would-be buyers to purchase homes before prices rise further.

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