Finally some decent news

for the American economy

An excerpt from the economist

Now this truly is a bright spot for housing markets: the lastest Case-Shiller home price index numbers, for the month of June, showed a real moderation in price declines. Second-quarter prices were down only 0.5%, compared with 0.9% in the first quarter. The year-over-year price drop remained substantial at 15.9%, but was still less than expected. Best of all, 9 of the 20 metropolitan areas examined showed increases from May to June, and declines for a number of others narrowed sharply. America isn't out of the woods yet, but expectations that the bottom is near should help bring it about, by bringing buyers into the market to take advantage of low prices, and by giving banks more confidence that losses may be near an end.