Today’s report on home prices show that housing markets are healing, though some markets are in much better shape than others. The Case-Shiller/Standard & Poor’s home price index posted its second straight monthly gain in June, with increases in 18 of 20 markets.But don’t look to recent performance to gauge where the index might go in the months ahead, said Robert Shiller, the Yale economist who helped create the index.On a conference call this morning, Mr. Shiller said that the index “may be a turning point” for the housing market. After reminding listeners that the pace of declines had slowed once before, in early 2008, he clarified himself: “It really is too soon to call this as a turning point.”
By Nick Timiraos, August 25, 2009, WSJ

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