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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.

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