The CoreLogic Home Price Index for May increased 0.8% over April but declined by 7.4%, compared with May 2010.
When distressed sales are subtracted, year-over-year prices declined by a mere 0.4%, compared with May 2010. That follows a year-over-year decline of 0.8% when distressed sales were removed from the equation for April.
"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.
Including distressed sales, the five states with the highest appreciation were: New York (up 4.4%), Vermont (3.9%), North Dakota (3.8%), Hawaii (2.5%) and the District of Columbia (0.5%).
At the other end of the spectrum, the five states with the greatest depreciation in price, including distressed sales in the calculation, were: Idaho (down 16.4%), Michigan (down 12.9%), Arizona (down 12.1%), Illinois (down 11.8%) and Nevada (down 11.6%).
