Home prices, including distressed sales, increased by 0.8% in May from April, although prices were down 7.4% from May last year, according to business and data analytics firm CoreLogic. Excluding distressed sales, year-over-year prices declined by 0.4% in May. Distressed sales include short sales and real estate owned (REO) transactions.

"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.

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