Home Prices Just 18% Below June 2006 Peak: LPS

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NEW YORK (TheStreet) -- Home prices rose 1.5% in April from the previous month and are up 8.1% from a year ago, according to April Home Price Index report from Lender Processing Services.

All of the 20 largest states reported month-over-month gains in home prices for the second month in a row. California led the pack, with home prices in the state up 17.9% year over year and 2.6% over the previous month.

San Francisco saw the biggest monthly rise in home prices, up 3.6% in April. With the exception of Bend, Ore., all of the top 10 biggest gainers among the metros were in California.

California, Nevada, Oregon and Washington all reported monthly gains of more than 2%.

At $217,000, the U.S. Home Price Index is just 18.2% from its June 2006 peak.

The LPS Home Price Index represents the price of non-distressed sales by taking into account the price discounts for foreclosures and short sales. Including distressed sales, the gains would have likely been even more dramatic.

The LPS report precedes the widely-followed S&P Case Shiller Home Price Index report on Tuesday.

-- Written by Shanthi Bharatwaj New York.

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