Home prices improved in March, CoreLogic data firm says

By Alejandro Lazo

May 9, 2012 12 AM PT

Home prices are on the mend if one discounts foreclosures and other so-called distressed properties, according to a report.

Prices of non-distressed homes were up for the third month in a row in March, and for the first time since January 2007 on a year-over-year basis, according to an index produced by CoreLogic of Santa Ana.

Prices rose 0.9% in March from the same point last year, CoreLogic reported.

“This spring the housing market is responding to an improving balance between real estate supply and demand, which is causing stabilization in house prices,” CoreLogic chief economist Mark Fleming said in a statement.

Home price declines, when including foreclosures, continued in March, but at a slower pace than in prior months. Prices were up 0.6% from February, but down 0.6% from March 2011, when distressed homes were included in the mix, according to the index.

Fannie, Freddie are set to reduce mortgage balances in California

Fannie Mae had first-quarter profit, needs no new taxpayer funds

alejandro.lazo@latimes.com