The Standard & Poor's/Case-Shiller home price index of 20 major cities climbed 1 percent from July and home prices rose for the third straight month in August. A key sign for a broad and sustained housing recovery, the latest index numbers show a widespread turnaround with prices rising month-over-month in 15 metro areas since June. If increases remain consistent we can safely assume that we have seen the bottom of a declining market in a majority of the major cities referenced in the index.

Although the majority of markets have seen a turnaround Prices in Las Vegas prices have plunged by 56 percent since peaking in April 2006. Vegas has the largest peak-to-trough decline of all 20 cities in the index.