(Source: CoreLogic)

Home prices nationwide began to stabilize in the second half of 2011, a positive indicator for consumer spending, according to a report by CoreLogic released today. In May 2011, excluding distressed sales, the Housing Price Index only dropped 0.4 percent, compared to a decline of 7.4 percent for the Housing Price Index for all transactions. Another positive sign, the report says, is that the Housing Price Index, which even including distressed sales, increased between March and April, for the first time in more than six months, and continued up between April and May.
– Miranda Neubauer [more]

Buyers hoping to take advantage of Freddie Mac’s HomeSteps SmartBuy program will need to act quickly: It is expiring at the end of the month. The program, which was initiated in July, covers up to 3.5 percent of closing costs for buyers able to close on REOs, or real estate owned by lenders and investors. To qualify, buyers must make their initial offers by the Oct. 30 deadline and close by Dec. 31. Freddie Mac also runs a program for renters of foreclosed properties, which allows the owners of foreclosed houses to continue occupancy while Freddie Mac seeks new buyers.