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Housing prices are finally poised for a more meaningful recovery, with values rising in June compared with the same month last year, according to the Standard & Poor’s/Case Shiller index released in late August. This hike in home sales could be a good indicator that it’s time for residential non-performing loan holders to sell, as the two values tend to rise in tandem. But with only modest improvement in the U.S. economy and job gains still sputtering, there are still several signs of concern.

First, the good news: the S&P/Case Shiller index indicated that all three headline composites ended the second quarter of 2012 with positive annual growth rates for the first time since the summer of 2010. The national composite was up 1.2% in the second quarter of 2012 compared to that recorded during the same period of 2011, and was up 6.9% over the first quarter of 2012. The 10- and 20-city composites posted respective annual returns of 0.1% and 0.5% in June 2012. Month-over-month, average home prices were up 2.2% in the 10-city composite and 2.3% in the 20-city composite compared to May. What’s more, June was the second consecutive month during which all 20 cities recorded positive monthly gains.

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