In the first quarter of this year nearly 60 percent of cities around the nation home prices rose indicating that the housing market has begun to stabilize as a result of billions of dollars in federal government spending.
According to the National Association of Realtors the median sales price for previously occupied homes rose in approximately 90 out of 150 metropolitan areas in the first quarter compared to a year ago with almost 30 cities having double-digit price increases. Thirty-six percent of all sales in the first quarter were sales of foreclosures and other distressed properties.
In the fourth quarter of last year, home prices only rose in 40 percent of all cities.