The good news: home prices rose 1.2% from June to July (not seasonally adjusted) according to the just-released Case Shiller data. 18 of the 20 areas covered in the survey grew month-over-month and all 20 cities showed an improvement in the rate of decline.
The bad news: Home prices are still 13.3% below July a year ago, down 33% from the peak, and we’re now heading into a seasonal weak period for housing, when many experts predict the housing market will decline, in part due to the fact that after the summer moving season, foreclosures will take up a larger share of the market.
While the 13.3% annual decline is still huge, the report (below) notes some interesting positives, such as the markets in Denver, Dallas, and Cleveland, which are only down between 1-3%.
Following the release of the report, futures turned from negative to solidly positive.