Check out the nice price rise in Q1 2012 versus Q1 2011 for Case Shiller.
As I have been saying for some time, this is an apple to orange comparison — pitting a period of high foreclosures versus a period of voluntary foreclosure abatement by the money center banks.
Distressed sales are 20% < less than non -distressed sales. The NAR has reported that the number of distressed sales has fallen from 38% to 26% of the total basket.
Do the math, and this accounts for nearly all of the price improvement.
S&P Dow Jones Indices
Home Prices Rose in the Second Quarter of 2012
According to the S&P/Case-Shiller Home Price Indices