Standard and Poor's has released the Case-Shiller Home Price Index....

09:00 27Jul10 RTRS-US MAY HOME PRICES IN 20 METRO AREAS RISE 0.5 PCT SEASONALLY ADJ (CONSENSUS 0.2 PCT) VS 0.6 PCT IN APRIL - S&P/CASE-SHILLER
09:00 27Jul10 RTRS-US MAY 20-METRO AREA HOME PRICES RISE 1.3 PCT (CONSENSUS 0.3 PCT) VS 0.9 PCT IN APRIL - S&P/CASE-SHILLER
09:00 27Jul10 RTRS-US MAY 20-METRO AREA HOME PRICES RISE 4.6 PCT (CONSENSUS 4.0 PCT) FROM YEAR AGO - CASE-SHILLER
09:00 27Jul10 RTRS-US MAY HOME PRICES IN 10 METRO AREAS UP 0.5 PCT SEASONALLY ADJUSTED VS APRIL - CASE-SHILLER
09:00 27Jul10 RTRS-US HOME PRICES IN 10 METRO AREAS RISE 1.2 PCT IN MAY VS 0.7 PCT IN APRIL - S&P/CASE-SHILLER
09:00 27Jul10 RTRS-US MAY HOME PRICES IN 10 METROPOLITAN AREAS UP 5.4 PCT FROM YEAR AGO - S&P/CASE-SHILLER
09:00 27Jul10 RTRS-US home prices rise 0.5 pct in May

Excerpts from the release...

Data through May 2010, released today by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices show that the annual growth rates in 15 of the 20 MSAs and the 10- and 20-City Composites improved in May compared to those reported for April 2010.

The 10-City Composite is up 5.4% and the 20-City Composite is up 4.6% from where they were in May 2009. While 19 MSAs and both Composites reported positive monthly changes in May over April, only 12 of the MSAs and the two Composites saw better month-over-month growth rates in May than those reported in April.

Since its launch in early 2006, the S&P/Case-Shiller Home Price Indices have published, and the markets have followed and reported on, the non-seasonally adjusted data set used in the headline indices. For analytical purposes, Standard & Poor’s does publish a seasonally adjusted data set covered in the headline indices, as well as for the 17 of 20 markets with tiered price indices and the five condo markets that are tracked. A summary of the monthly changes using the seasonally adjusted (SA) and nonseasonally adjusted (NSA) data can be found in the table below.

David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s, says:

“While May’s report on its own looks somewhat positive, a broader look at home price levels over the past year still do not indicate that the housing market is in any form of sustained recovery....Since reaching its recent trough inApril 2009, the housing market has really only stabilized at this lower level. The two Composites have improved between 5 and 6% since then, but this is no better than the improvement they had registered as of October 2009. The last seven months have basically been flat.”

“The May 2010 data for 15 of the 20 MSAs and the two Composites show an improvement in annual returns compared to April’s report. With the month-over-month data, while 19 of the 20 MSAs and the two Composites were positive, we are in a strong seasonal period for home prices, so that was largely expected. In addition, there may still be some residual impact from the homebuyers’ tax credit, since they affect any purchase that closes through June 30th 2010. We need to watch where the housing markets will go after these temporary stimuli go away. June’s existing and new home sales and housing starts data do not show much real improvement in those statistics either. It still looks possible that the housing market might bounce along the bottom for the foreseeable future, before showing any real improvement that will filter through to the rest of the economy.”