Economic Report: Home price gains picked up steam at year-end, CoreLogic says

Forget the rent – home purchase prices may soon be “too damn high.”

Nationally, prices rose 6.6% for the 12 months ending in December, real-estate data provider CoreLogic said Tuesday. That marked the fourth month in a row in which annual increases were higher than in the prior month.

“Affordability continues to erode, making it more challenging for both first time buyers and moderate-income families to buy,” CoreLogic said in a release. “At this point, we estimate that more than one-third of the 100 largest metropolitan areas are overvalued.”

The top three “overvalued” metro areas in CoreLogic’s analysis were Las Vegas, where prices were 11.2% higher than a year ago in December; Denver, where they jumped 8.1% for the year; and Los Angeles, where prices rose 7.8% for the year.

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