Santa Ana-based CoreLogic has released its May Home Price Index (HPI), revealing a positive trend in the housing market. According to the CoreLogic HPI, there has been an increase in national home prices, marking a second consecutive month-over-month increase. However, compared to last year, housing prices are still in decline.
The CoreLogic HPI states that the national home prices, including distressed sales, increased by 0.8 percent in May 2011 compared to April 2011. Yet, this is still a 7.4 percent decrease in comparison to May 2010.
"Two consecutive months of month-over-month growth and continued relative strength in the non-distressed market segment are positive seasonal signs in the housing market. Slowly declining shadow inventory and stabilized negative equity levels are also positive signs. Nonetheless, the fragile economic recovery is still critical to the long-term recovery in the housing market," said Mark Fleming, chief economist for CoreLogic.
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