Prices of existing homes rose fastest in the Rocky Mountain States - 7.1% - and slowest in the Pacific and Middle Atlantic regions during the 12 months through June, according to the Office of Federal Housing Enterprise Oversight.

Nationally, prices rose 4.7%.

The state with the most rapid increase, 11.4%, was Utah. Prices went up 9.1% in Oregon, 8.4% in Michigan, 7.2% in Louisiana, 7.1% in Tennessee, and 7% in Colorado.

The weakest appreciation was in the Middle Atlantic and Pacific states. Prices rose only 2.9% in New Jersey, New York, and Pennsylvania. In the Pacific States - Alaska, California, Hawaii, Oregon, and Washington - the increase was 3%.

The data are based on home sales and refinancing appraisals on loans purchased or securitized by Fannie Mae or Freddie Mac.

The Office of Federal Housing Enterprise Oversight monitors the safety and soundness of the two secondary market agencies, known formally as the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp.

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