The Standard & Poor’s/Case-Shiller home-price index shows prices increased in June from May in 19 of the 20 cities tracked. A separate figure shows prices rose 3.6% in the April-June quarter from the previous quarter. Those numbers are not adjusted for seasonal factors. Over the past 12 months, home prices have declined in all 20 cities after adjusting for seasonal factors. Chicago, Minneapolis Washington and Boston posted the biggest monthly increases. Metro areas hit hardest by the housing crisis, including Las Vegas and Phoenix, reported small seasonal increases.

Despite the uptick, the numbers contain “really no hope of any kind of surge,” David Blitzer, S&P Index Chairman David Blitzer said. “None of the fundamentals look that good,” he said.” People still have difficulty getting mortgage loans; they still have difficulty in refinancing. The banks got a lot tougher and haven’t gotten any easier no matter how you measure.” Blitzer said the housing market is taking on a regional perspective, with the Sun Belt continuing to languish and other areas of the country stabilizing. “You have to look much more into details,” he said. “You’ll some good times here and there but it’s a thin river of hope overall.” Read More→