Just moments ago, the S&P Case Shiller index reported home prices dropping by
"the sharpest rate ever in the second quarter, but the data for June suggest the severity of the housing slump may be waning."
The index showed "monthly indices also clocked in record declines. The 20-city index fell by 15.9 percent in June compared with a year ago, the largest drop since its inception in 2000. The 10-city index plunged 17 percent, its biggest decline in its 21-year history."
However, the rate of single-family home price declines slowed from May to June, a possible silver lining, the index creators said.
Fourteen cities in the monthly index showed improvement from May to June, -- nine recorded positive returns.
Some areas are struggling far worse than others. In Phoenix we have seen prices drop nearly 30%.
However, this report overall shows some slowing of declines and some bouncing of home prices
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