Case Shiller Index Has First Monthly Increase Since 2006

In another sign of economic stabilization, the Case Shiller 20-City Home price index rose 0.5% from April to May. This was the first monthly rise since July 2006, and it provides further ammo for economic bulls who are anticipating an economic rebound. Skeptics, on the other hand, will write off this rise as a seasonal blip and focus on the 17.1% year/year decline. While seasonal factors may be at play, an increase is an increase, and after 34 months without one, we'll take it.