Have Home Prices Hit A Bottom?

I am not in the business of calling bottoms but here is some information from today’s Case Shiller Home Index report:

From the Sun-Sentinel

Home prices in South Florida rose in April, another sign that the region’s housing market is improving, according to a national report Tuesday.

Prices in Palm Beach, Broward and Miami-Dade counties rose 0.4 percent from March and 3.2 percent from a year ago, figures from the Standard & Poor’s/Case-Shiller home price index show.

From CNBC – “Have Home Prices Hit Bottom?

For the first time in seven months, home prices as recorded on the S&P/Case Shiller Home price Indices saw month-to month gains. The press release even referred to it as a “spike.” A 1.3 percent rise for the 10 and 20 city composites. When you seasonally adjust, the number dips to 0.7 percent, but it is still in the positive, and these days in housing, that apparently constitutes a spike.

“Some of this is probably because this is the spring selling season really hitting its stride,” notes S&P’s David Blitzer, “but certainly not all of it. My guess is half of what we’re seeing is real gains, not just seasonal shifts.”