The housing market is on the slow road to recovery. Home prices in the last three months rose in 120 out of 149 metropolitan markets surveyed by the National Association of Realtors.
Compare that to just 39 rising metros a year ago. The median home price is up 7.6 percent from a year ago, the strongest year-over-year increase since the first quarter of 2006.
Much of that is due to the shift in sales away from distressed properties, as lenders modify more loans and in some case write down mortgage principal.
The one thing standing in the way of a more robust housing recovery, is tight credit. Mortgage rates are at near-historic lows, but too many potential home buyers still cannot access these rates due to damaged credit.