US home prices rise 5 percent September

U.S. home prices in September rose 5 percent over September 2011, the largest annual gain since July 2006, research firm CoreLogic said Tuesday. September marked the seventh consecutive month of year-over-year gains in home prices, although prices slipped 0.3 percent compared to August 2012, the firm said. Across the country all but seven states experienced price gains compared to 12 months earlier. Excluding prices or distressed properties, home prices rose the same 0.5 percent over the course of the year, but gained instead of lost ground compared to August. Excluding distressed property sales, prices rose 0.5 percent month-to-month. Distressed property sales involved short sales with the homeowner settles for less than the amount owed on the mortgage and homes seized by lending institutions. CoreLogic said its pending home sale index indicates prices are expected to rise 5.7 percent in October 2012 compared to October 2011.