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Home prices rise solidly in September

Nationwide, home prices rose solidly in September, but the pace of price growth has slowed considerably in some major U.S. cities after a recent run up.

Prices were up 6.3 percent annually and rose by 1.1 percent over the August level, CoreLogic reported. Notably, price gains have slowed in San Francisco (up 2.2 percent year over year), Washington, D.C. (up 3.1 percent) and Houston (up 3.9 percent), but are still rising quickly in Denver (9.4 percent) and Los Angeles (6.9 percent).

Of the states, prices are rising the fastest in Washington and Oregon, with annual gains of 10.3 percent and 10.1 percent, respectively, CoreLogic said.

 Home-equity wealth has doubled during the last five years to $13 trillion, largely because of the recovery in home prices,” said Frank Nothaft, chief economist for CoreLogic. “Nationwide during the past year, the average gain in housing wealth was about $11,000 per homeowner, but with wide geographic variation,” he continued.

CoreLogic forecasts that the annual gain over the next year will be 5.2 percent.  


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