CoreLogic: Home prices up 12% from last year

|By:, SA News Editor

Home prices rose 0.9% in January from the previous month and 12% from a year ago, according to CoreLogic, the 23rd consecutive month of Y/Y increases. Excluding distressed sales, home prices rose 9.8% from last year.

The group's pending indicator shows prices are set to rise 0.7% in February and 12.5% from a year ago. Chief economist Mark Fleming: "The last time January month-over-month and year-over-year price appreciation was this strong was at the height of the housing bubble in 2006."

A check of the homebuilders: XHB +1.3%, ITB +1.3%.

In other news, KeyCorp cashes in on Lennar (LEN), cutting the stock to Hold from Buy, and boosts PulteGroup (PHM +0.6%) to a Buy from Hold.