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News Summary: US home price gauge rises in August

Tuesday - 10/2/2012, 6:01pm  ET

By The Associated Press

(AP) - HOME PRICES RISE: A measure of U.S. home prices jumped 4.6 percent in August compared with a year ago, the largest year-over-year increase in more than six years. CoreLogic, a private real estate data provider, also said Tuesday that prices rose 0.3 percent in August from July, the sixth straight monthly gain.

HOUSING REBOUND: Steady price increases, combined with greater home sales and rising builder confidence, suggest the housing recovery may be sustainable.

ECONOMIC BENEFIT: When prices rise people typically feel wealthier and spend more. And more Americans are likely to put their houses up for sale, which could further energize the market.


(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)