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Quarterly prices down, but show month-over-month improvement

While quarterly prices were down in May, they did show some improvement.

While quarterly prices were down in May, they did show some improvement.

According to Clear Capital's most recent Home Data Index Market report, the values of U.S. properties continued to decline on a quarter-over-quarter basis in May, however, prices did show some improvement month-over-month.

Overall, quarterly prices fell during May, moving down 2.3 percent. However, this figure is nearly half of the decline experienced in April, as home prices fell 4.9 percent then. Year-over-year, prices were also down, declining by 7.9 percent to reach levels not seen since 2000.

Regionally, prices fell as well, but at a slower rate, as the Northeast, West and South experienced less than 2 percent declines.

"The latest Market Report results through May suggest that home prices are starting to ease back from the heavy declines seen over the winter," said Dr. Alex Villacorta, director of research and analytics at Clear Capital. "We are still far away from the strong demand needed to fully turn things around for the housing market; however, it is clear from the initial spring sales data that prices are softening, suggesting stabilization in the market."

The saturation rate of real-estate-owned properties declined by 0.6 percent, however, its current rate of 33.9 percent is still incredibly high.

Detroit's market experienced the worst quarterly price decline, falling by 13.2 percent. May represented the fifth straight month that Detroit was the worst performing region.