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Home prices continue rebound in May

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Home prices continued to see a spring bounce in May, but fell slightly compared to the same month a year ago, according to the latest S&P/Case-Shiller Home Price Indices released today. After seven straight months of declines, home prices rose on a monthly basis in April and continued to rise in May with all 20 major markets tracked by the S&P/Case-Shiller 20-City Composite Index seeing increases between April and May. Overall, the index rose 2.2 percent month to month in May, but fell 0.7 percent from May 2011. Eight of the 20 markets experienced year-over-year price declines, though 17 of the 20 saw their rates of return improve, making these annual changes "the best we've seen in at least 18 months," said David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices, in a statement. Nonetheless, these figures are not seasonally adjusted, and Blitzer cautioned that despite the improvements, "we need to remember that spring and early summer ar...