After reaching a new post-housing-bubble low during the first quarter of the year, home prices increased 3.6 percent during the second quarter but are still down 5.9 percent compared with the second quarter of 2010, according to the latest figures in the S&P/Case-Shiller Home Price Index.
The latest rise came after three consecutive months of drops; they fell 3.6 percent during the first quarter. Today home prices are back to their early 2003 levels. For June, the 10- and 20-city composite indices posted annual rates of decline of 3.8% and 4.5%, respectively.
"This month's report showed mixed signals for recovery in home prices. No cities made new lows in June 2011, and the majority of cities are seeing improved annual rates," said David Blitzer, Chairman of the Index Committee at S&P Indices.
