>NEW YORK | Thu Jun 30, 2011 9:02am EDT
NEW YORK (Reuters) – Home prices rose for the second month in a row in May but fell compared to a year earlier, data analysis company CoreLogic said on Thursday.
CoreLogic’s home price index rose 0.8 percent in May from the month before, though prices were still down 7.4 percent from a year ago. Excluding distressed sales, prices declined just 0.4 percent year-over-year.
Relative strength in the non-distressed market, a slow decline in the number of homes expected to go on the market — known as shadow inventory — and stabilization in the amount of underwater homeowners are all positive signs, said Mark Fleming, chief economist for CoreLogic.
“Nonetheless, the fragile economic recovery is still critical to the long-term recovery in the housing market,” Fleming said in a statement.
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