The widely watched Case-Shiller Home Price Index was released today.  Home price drops are either slowing or accelerating, depending on how you prefer your spin.  If you don’t want anything to cloud your morning, you might prefer Bloomberg’s version:

Home prices in the U.S. fell at a slower pace in the second quarter, signaling the worst housing slump in more than 25 years may be starting to stabilize, a private survey showed today.

Home values declined 0.5 percent in the three months through June from the previous three months, compared with a 0.9 percent drop in the first quarter. Compared with a year earlier, values dropped 15.4 percent, the most since record keeping started 20 years ago. [OK, so the last sentence wasn't so positive.  They needed a little "balance".]

The housing slump, currently in its third year, is declining at a slower pace as the drop in property values has made homes more affordable.
 

Prefer something a little more downbeat to start the day?  How about this from Yahoo Finance:

NEW YORK (AP) — A widely watched housing index released Tuesday showed home prices dropping by the sharpest rate ever in the second quarter.

The Standard & Poor’s/Case-Shiller U.S. National Home Price Index tumbled a record 15.4 percent during the quarter from the same period a year ago.

The 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.

No city in the Case-Shiller 20-city index saw year-over-year price gains in June, the third straight month that’s happened.

My take:

Seasonal patterns show that month-to-month moderation in price drops is to be expected the first half of the year.  The year-over-year drops are more significant- and those continue to accelerate.

Have a great morning, and don’t let the spin give you vertigo.