No doubt that it was a pretty lousy report on the National housing scene. Housing prices in the top 20 markets are down 15.8% year over year.
However, looking at the bright side, New York, Boston, Tampa, Detroit, Dallas, Atlanta, and Minneapolis saw month over month improvement which Case Shiller called a "possible bright spot". Overall, the monthly rate of decline slowed down sequentially from -1.4% in April to 0.9% in May. Markets like New York have seen significantly less depreciation versus sunbelt cities like Miami and Vegas which saw the greatest use of creative financing and also the greatest appreciation in the previous boom.
Home prices down 15.8% in past year, S&P says Seven of 20 cities tally monthly price gains in May, Case-Shiller data show (CBS Marketwatch)