Home Price Declines Slow in Case-Shiller Index

House prices in June were 15.9% below the level recorded a year earlier but down only slightly from that of the previous month, possibly signaling that the rate of decline is "slowing," according to preparers of the Standard & Poor's/Case-Shiller 20-city house price index. House prices fell only 0.5% in June from those recorded in May, and the decline was far less than the 2% monthly drops earlier this year. "While there is no national turnaround in residential real estate prices, it is possible that we are seeing some regions struggling to come back, which has resulted in some moderation in price declines at the national level," said S&P economist David Blitzer. In June, nine of the 20 cities posted month-to-month increases in house prices. Denver and Boston were the best-performing markets, with monthly gains of 1.5% and 1.2%, respectively. The index can be found online at http://www.homeprice.standardandpoors.com.