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US May Home Prices Up, First Increase in 3 Years

U.S. single-family home prices rose in May from April, the first monthly increase in nearly three years, suggesting prices may be stabilizing, according to Standard & Poor’s/Case Shiller home price indexes Tuesday.

The annual rate of decline for the 10- and 20-city indexes improved for the fourth straight month, though prices have still tumbled by more than 32 percent from the peaks in the second quarter of 2006.The index of 20 metropolitan areas rose 0.5 percent in May from April, after a 0.6 percent decline the month before, in contrast with the 0.5 percent drop forecast by economists in a Reuters poll.

That’s pretty great news especially if you’re a home owner but prices are down 32% over all… holy crap.