December S&P/Case-Shiller: Prices down 3.1% YOY

The latest S&P/Case-Shiller data on home prices was released this morning. The 20-city index rose 0.3% between November and December, the biggest monthly rise since August. On a year-over-year basis, prices are still down 3.1%. But that's the smallest decline going all the way back to May 2007. Prices are actually UP from year-ago levels in six cities now, led by San Francisco at 4.8% and Dallas at 3%. We are still seeing YOY declines in hard hit markets like Las Vegas (-20.6%), Tampa (-11%) and Detroit (-10.3%).

More evidence that housing is broadly stabilizing? Yep.