Home values finished 1996 on the upswing, with prices rising by an annualized average of 4% during the fourth quarter, newly released data show.

Rocky Mountain states saw the biggest jump in home prices-7% on an annualized basis, according to the Conventional Mortgage Home Price Index.

The index, a joint effort by Fannie Mae and Freddie Mac, indicated the smallest increase, 1.1%, occurred in a region that comprises Arkansas, Louisiana, Oklahoma, and Texas.

The index is based on actual sale prices or appraisal prices of the same homes over time.

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