Though home prices suffered declines during the first quarter of 2011, recent reports from CoreLogic and Clear Capital provide hope that prices are beginning to stabilize across much of the country. According to data from Clear Capital, home prices fell 1.3 percent through March. But Alex Villacorta, the firm’s director of research and analytics, said the latest data supports the view that many markets are seeing relief from the deeper declines seen through January. Fears of a collective fall in market prices have been overstated, according to Villacorta. CoreLogic’s February Price Index also found prices dropping but, excluding distressed sales, prices were down just 0.1 percent year-over-year. Mark Fleming, CoreLogic’s chief economist, said, when distressed sales are removed from the equation, there’s a significantly reduced pace of depreciation and greater stability in the market. More here.
