Housing prices rose between April and May, the first increase in three years, according to a 20-city home price index released today. Although prices have fallen by 32 percent since last peaking in 2006, the 0.5 percent increase in May was the fourth consecutive month that the decline slowed. The figures could be a sign of improvement in the worst housing market since the Great Depression. However, analysts caution that unemployment and foreclosures could increase again and a stable recovery is not expected until at least 2010. For a rebound to truly emerge, consumer confidence needs to rise and potential buyers need to have a sense that they shouldn't wait for prices to get any cheaper.
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