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HOUSING UPDATE….The latest housing market news:

Home prices fell a record annual 15.9 percent in June, but the monthly rate of decline slowed from May which suggested the decimated housing sector may be stabilizing, according to Standard & Poor’s on Tuesday.

This stuff is notoriously hard to get a handle on, but it’s possible that the housing market really is stabilizing. I originally posted the chart on the right a couple of months ago, and when the numbers are updated through June they look even more encouraging than they did then. Month-to-month declines in the Case-Shiller 20-city index have been getting steadily smaller, and in June there was barely any decline at all.

On the other hand, this stuff is seasonal and we might start seeing larger declines again in a couple of months. Past performance is no guarantee of future results etc. etc., and plenty of teaser rates have yet to reset. Still, it’s a tiny ray of sunshine.

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