Home prices in 20 major markets fell 13% in July from a year earlier, but, increasingly, it appears that bottoms were established in those markets in April.
The S&P/Case-Shiller 20-city home price index report was better than economists' expectations of a 14.2% decline from a year earlier, and the smallest decline in 17 months. The index has fallen every month since January 2007.
Home prices in the 20 markets actually moved up 1.6% in July from June, the fourth month of gains, the report said. But don't forget: July is one of the strongest months of the year.
Homebuilding stocks moved higher on the news.
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