Home Prices Rose in April

Home prices rose just under 1% in April for the second consecutive month following declines during the first two months of this year, according to the CoreLogic housing price index. The CoreLogic HPI posted a 0.1% increase in March after dropping 2% in February and 1.6% in January. "The monthly increase in the HPI shows the lingering effects of the homebuyer tax credit," said Mark Fleming, chief economist for CoreLogic. The tax credit expired April 30. "We expect that we will see home prices remain strong through early summer, but in the second half of the year we expect price growth to soften and possibly decline moderately," Fleming said. The CoreLogic HPI is not seasonally adjusted and includes distressed sales. House prices have risen 2.6% during the 12-month period ending April 30. Excluding distressed sales, the HPI is up 2.3% during the same 12-month period.