Home prices post highest jump in nearly 7 years

Home prices rose more on an annual basis in February than they have in nearly seven years, largely due to outsized price appreciation in Western states, according to a report released today by real estate analytics firm CoreLogic. Overal home prices, including distressed sales (short sales and sales of bank-owned homes), jumped 10.2 percent on an annual basis in February, marking the biggest year-over-year increase since March 2006, according to the CoreLogic Home Price Index. Home prices also rose for the 12th straight month in February, increasing 0.5 percent from January. Distressed sales hardly made a dent in the overall price trend -- when excluded from the calculation, home prices rose 10.1 percent year over year in February. CoreLogic's pending home sales price index indicates that home prices should continue their upward trend in March, the firm said. CoreLogic predicts prices will increase 10.2 percent on a year-over-year basis and 1.2 percent compared to February. ...