Home prices got a seasonal bump for the second month in a row in May, and the "shadow inventory" of distressed properties was shrinking in April, according to two recent reports from loan data aggregator and analytics firm CoreLogic.

CoreLogic’s Home Price Index showed home prices increasing by a nonseasonally adjusted 0.8 percent from April to May, but were down 7.4 percent from a year ago.

Excluding distressed sales — short sales and real estate owned (REO) properties — the year-over-year price decline was a more modest 0.4 percent.

If distressed sales were included, nine out of 10 of the country’s largest metro areas saw year-over-year price declines, compared to only half if distressed sales were excluded.

Home prices got a seasonal bump for the second month in a row in May, and the "shadow inventory" of distressed properties was shrinking in April, according to two recent reports from loan data aggregator and analytics firm CoreLogic.

CoreLogic’s Home Price Index showed home prices increasing by a nonseasonally adjusted 0.8 percent from April to May, but were down 7.4 percent from a year ago.

Excluding distressed sales — short sales and real estate owned (REO) properties — the year-over-year price decline was a more modest 0.4 percent.

If distressed sales were included, nine out of 10 of the country’s largest metro areas saw year-over-year price declines, compared to only half if distressed sales were excluded.

May home prices, top 10 metros

Metro area

Single family homes, % change from year ago

Excluding distressed, % change from year ago

Chicago-Joliet-Naperville, Ill.

-12.8

-3.8

Phoenix-Mesa-Glendale, Ariz.

-11.4

-7.3

Atlanta-Sandy Springs-Marietta, Ga.

-6.8

-0.7

L.A.-Long Beach-Glendale, Calif.

-5.3

2.7

Riverside-San Bernardino-Ontario, Calif.

-5.1

-2.2

Houston-Sugar Land-Baytown, Texas

-3.5

5.3

Philadelphia, Pa.

-3.3

-1.2

Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.V.

-1.5

3.9

Dallas-Plano-Irving, TX

-0.6

5.8

New York-White Plains-Wayne, N.Y.-N.J.

3.0

4.6

Source: CoreLogic

In a separate report, CoreLogic estimated that the shadow inventory of seriously delinquent, foreclosed and REO homes slipped to 1.7 million in April, down 18 percent from a January 2010 peak of 2 million homes.

A high level of distressed sales and fewer new delinquencies helped reduce the "shadow inventory" — homes that are likely to end up on the market in the future, but are not yet listed in an MLS — to five months of supply.

CoreLogic Chief Economist Mark Fleming said it will probably take several years for the market to absorb shadow inventory, given the long timelines for processing and completing foreclosures.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×