NEW YORK (Reuters) - U.S. home prices rose in May in a fresh sign the battered sector is stabilizing, data analysis firm CoreLogic said on Monday.CoreLogic's home price index gained 1.8 percent from April and was up 2.0 percent from a year earlier.Excluding distressed sales, prices fared even better, gaining 2.3 percent in May and 2.7 percent from a year ago. Homeowners in danger of foreclosure, or in "distress", often sell their homes at a significantly reduced price."The recent upward trend in U.S. home prices is an encouraging signal that we may be seeing a bottoming of the housing down cycle," Anand Nallathambi, chief executive officer of CoreLogic, said in a statement."Tighter inventory is contributing to broad, but modest, price gains nationwide and more significant gains in the harder-hit markets, like Phoenix."The report's pending home price index indicates home prices will rise by at least another 1.4 percent in June and 2.0 percent excluding distressed sales, CoreLogic said.
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