8:44 AM » Home prices rise 0.8% in February: CoreLogic
WASHINGTON (MarketWatch) -- Home prices rose 0.8% in February, as annual growth reached 12.2%, the fastest year-over-year pace since February 2006, according to data released Tuesday by CoreLogic , an Irvine, Calif.-based analysis firm. "As the spring home-buying season kicks off, house price appreciation continues to be strong," said Mark Fleming, CoreLogic's chief economist. "Although prices should remain strong in the near term due to a short supply of homes on the market, price increases should moderate over the next year as home equity releases pent-up supply." Including February, home prices were about 17% below a bubble peak. Looking at states, prices in California saw the fastest annual growth, reaching 19.8% in February, while Kentucky had the slowest year-over-year pace, at 0.4%. Notably, Colorado, Nebraska, North Dakota and Texas each set a new record high price in February. Excluding distressed properties, such as short sales, monthly U.S. home-price growth in February was 0.9%, and the annual pace hit 10.7%.