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PERSONAL FINANCE

Home prices rise slightly in November

Julie Schmit
USA TODAY
FILE - DECEMBER 19:  According to reports December 19, 2013, the sales of existing homes fell 4.3 percent in November, the third straight month of decline. LOS ANGELES, CA - NOVEMBER 27:  A "For Sale" sign is posted in front of a house on November 27, 2012 in Los Angeles, California. According to S&P Index reports, for the month of September home prices in major U.S. cities have risen as much as 3 percent as compared with the same month last year.  (Photo by Kevork Djansezian/Getty Images) ORG XMIT: 157220608 ORIG FILE ID: 157023717
  • Prices rose 0.1%25 from October
  • Home prices are up 11.8%25 from a year ago
  • Rising mortgage rates slowing home sales%2C economists say

Home prices finished 2013 up 11.5% for the year, marking the best performance since 2005, market researcher CoreLogic predicts.

Its latest data shows prices were 11.8% higher in November year over year and up 0.1% from October.

However, prices will dip slightly in December from November, it says.

With last year's strong gains, home prices are now at new peaks or within 10% of previous peaks in 21 states and Washington D.C., according to CoreLogic.

Many economists predict smaller home price gains for this year, as credit remains tight, interest rates rise and as new mortgage rules take hold.

In November, the five states with the highest home price appreciation were Nevada, up 25.3% year over year; California, up 21.3%; Michigan, 14.4%; Arizona, 13.5% and Georgia, 13.3%.

The only state to show depreciation was Arkansas, down 1.1% year over year.

CoreLogic's figures aren't adjusted for seasonal variations, such as cold winter weather that slows sales.

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