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US home prices rise in January

Rows of homes in a housing development in Mesa, Arizona on March 6, 2013.US home prices crept higher in January, the S&P/Case-Shiller index showed Tuesday, as gains in the US housing market showed resilience even as mortgage rates rose from record-lows. The 20-city index showed an 0.1 percent gain from December on a non-seasonally adjusted basis; adjusted, the increase was 1.0 percent. Year-on-year, prices for the 20 top urban areas were up 8.1 percent, with the strongest gains in two of the markets hardest-hit by the housing crash, Las Vegas (+15.3 percent) and Phoenix (+23.2 percent).