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Hike in home prices recorded yet again in March

05.08.2013

Home prices continued to make gains in March.

Housing conditions continued to get better in March, as the pricing situation across the U.S. made further progress in March compared to both the previous month and the same point in 2012.

Prices rose 10.5 percent in March from one year earlier, according to the Home Price Index from CoreLogic. This figure also improved 1.9 percent from February's level. If foreclosures are excluded from the statistics, the figure jumped 2.4 percent in March from February, as well as 10.7 percent from one year earlier.

"For the first time since March 2006, both the overall index and the index that excludes distressed sales are above 10 percent year over year," said Dr. Mark Fleming, chief economist for CoreLogic. "The pace of appreciation has been accelerating throughout 2012 and so far in 2013 leading into the home buying season."

While home prices continue to rise, the affordability situation for consumers improved as of late. This is due to the average 30-year fixed-rate mortgage declining to 3.35 percent during the week ending May 2, according to the Primary Mortgage Market Survey from Freddie Mac. This was slightly lower than the previous level of 3.4 percent.

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