Home Prices Rise for the Quarter, Decreasing Chance of Double Dip

Thanks to the homebuyer tax credits, housing prices increased 7.9 percent quarter over quarter in the U.S., according to the Clear Capital Home Data Index. Clear Capital also believes there is a "cushion against potential future declines and the start of a double-dip."

Adding to the good news, Clear Capital found that the saturation of REO (bank-owned) properties continues to drop nationally. In the last quarter just 22.7 percent of homes sold were REO properties, down 19.8 percent from its peak in the first quarter of 2009.

The West shows the strongest signs of reaching stability, with quarterly price changes ranging from minus 1.6 percent to plus 2.7 percent since the start of 2010. Other regions have been more volatile. The range in the South has been from minus 4.2 percent to plus 7.0 percent. The Northeast prices ranged from minus 4.4 percent to plus 6.9 percent.