Although the S&P/Case-Shiller Home Price Indices showed continued declines in the prices of existing single family homes across the United States through the end of June, they also showed some reason for cautious optimism.
"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" says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. "The rate of home price decline may be slowing."
At the national level, the housing market peaked around June/July of 2006. As of June 2008, two years later, the 10-City Composite has fallen by 20.3% and the 20-City Composite is down 18.8%.