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Home Prices Show First Increase in 10 Months
by Jann Swanson
House prices reflected in CoreLogic's March Home Price Index which was released today increased on a month-over-month basis for the first time in nearly a year. The Index which measures home prices including sales of distressed properties increased by 0.6 percent from February, the first such increase since July 2011.

The Index, however, was down the by the identical number from the Index in March 2011. When distressed sales (short sales and sales of lender-owned properties (REO)) are excluded, the month-over-month number was up for the third consecutive month and was 0.9 percent higher than the corresponding number in March 2011.

The national HPI including distressed sales has decreased 33.7 percent from its peak in April 2006 to present. When distressed sales are excluded the peak-to-current change in the HPI was -24.5 percent.

"This spring the housing market is responding to an improving balance between real estate supply and demand which is causing stabilization in house prices," said Mark Fleming, chief economist for CoreLogic. "Although this has been the case in each of the last two years, the difference this year is that stabilization is occurring without the support of tax credits and in spite of a declining share of REO sales."

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