The S&P/Case-Shiller Home Price Indices released their latest today, reporting a 3.6% increase for the 2Q11 (through June). As the leading measure of U.S. home prices, this increase comes after a 4.1% decrease for the first quarter. Even after the second quarter increase, the U.S. Index shows a 5.9% total annual decline compared to the same period last year. This current level brought home prices down to 2003 levels.

However, 19 of the 20 MSAs and both monthly composites were up in June 2011 compared to May but still lower than June 2010 levels. The 10- and 20-City Composites reported annual declines of 3.8% and 4.5% in June 2011, respectively. On a positive note, 12 of the 20 MSAs and both Composites have increased for three consecutive months, a small sign of growth.

The Atlanta Journal Constitution said, "As prices have declined, so too have sales. The pace of sales for previously occupied homes is trailing last year's 4.91 million sold, the fewest since 1997. In a healthy economy, people buy roughly 6 million homes each year. Sales of new homes dropped in July for third straight month. This year is shaping up to be the worst for sales of new homes on records dating back to 1963."

Sources: S&P/Case-Shiller Home Price Index & Atlanta Journal Constitution