U.S. home prices jumped 1.1% in January to take the year-over-year gain to 5.7%, CoreLogic reported Tuesday. CoreLogic said 27 states and the District of Columbia are at or within 10% of their peak. "A dearth of supply in many parts of the country is a big factor driving up prices. Many homeowners have taken advantage of low rates to refinance their homes, and until we see sustained increases in income levels and employment they could be hunkered down so supplies may remain tight," said said Anand Nallathambi, president and CEO of CoreLogic, in a statement. By state, Colorado had the biggest year-over-year gain of 9.1%, and Houston at 10.9% had the biggest gain of major metropolitan areas.
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