Home prices racked up their biggest annual gain in more than seven years in May, with more increases expected through the summer months as the sector continues to mend, data analysis firm CoreLogic said on Tuesday.
Prices rose 2.6 percent from April and were up 12.2 percent compared to May last year, the biggest year-over-year increase since February 2006, CoreLogic (CLGX.N) said.
Excluding distressed sales, prices were up 11.6 percent on a yearly basis. Distressed sales include properties that have been seized by lenders and short sales, where the struggling homeowner is allowed to sell the property for less than the outstanding mortgage.
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