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CoreLogic: US home prices rise 6.2% YOY in August

U.S. home prices, including distressed sales, were up 6.2%year over year in August, according to CoreLogic's latest home price index.

Compared to July, home prices, including distressed sales,increased 1.1%.

Oregon and Washington logged the highest year-over-yearincreases in prices at 10.3% and 10.2%, respectively. Meanwhile, Connecticutwas the only state to record a negative year-over-year price change.

CoreLogic forecasts a 5.3% year-over-year increase in homevalues from August 2016 to August 2017, and a 0.4% increase from August toSeptember.

Frank Nothaft, CoreLogic's chief economist, said in arelease: "Home prices are now just 6% below the nominal peak reached inApril 2006. With prices forecasted to increase by 5% over the next year, priceswill be back to their peak level in 2017."

CoreLogic CEO and President Anand Nallathambi said,"Housing values continue to rise briskly on stronger fundamental andinvestor-fueled demand, as well as lack of adequate supply. This continuedprice appreciation is contributing to a growing affordability crisis in manymarkets around the country."