For nine straight months, national home prices have been in the positive, and the gains are only getting larger. The latest reading for November shows a 7.4 percent jump from a year ago, according to CoreLogic. That includes sale prices of distressed properties, bank-owned homes and short sales. This is the largest year-over-year jump since 2006 when we were at the height of the housing boom.
"As we close out 2012 the pending index suggests prices will remain strong," wrote Mark Fleming, chief economist for CoreLogic in a release. "Given that the recently released Qualified Mortgage rules issued by the Consumer Financial Protection Bureau are not expected to significantly restrict credit availability relative to today, the gains made in 2012 will likely be sustained into 2013."