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CoreLogic: US home prices up 6.7% YOY in March

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CoreLogic: US home prices up 6.7% YOY in March

Accordingto CoreLogic's latest home price index, U.S. home prices, including distressedsales, were up 6.7% year over year in March.

Comparedto February, home prices, including distressed sales, were up 2.1%.

All 50states recorded price increases year over year, led by Washington, with a 13%increase. Oregon and Colorado also recorded double-digit upticks, bothregistering increases of 10%.

FrankNothaft, CoreLogic's chief economist, said: "Housing helped keep U.S.economic growth afloat in the first quarter of 2016 as residential investmentrecorded its strongest gain since the end of 2012. Low interest ratesand increased home building suggest that housing will continue to be a growthdriver."

CoreLogic forecasts a 5.3% year-over-year increase in homeprices to March 2017, and a 0.7% increase month over month to April.

"Home prices reached the bottom five years ago, andsince then have appreciated almost 40%," CoreLogic President and CEO AnandNallathambi said. "The highest appreciation was in the West,where prices continue to increase at double-digit rates."