Bloomberg reported this morning that home prices in 20 US cities have climbed in July by the most in almost four years.  The S&P/Case-Shiller home-price index rose 1.2%  in July from the prior month, the biggest gain since October 2005. 

“The worst has passed,” said Mark Vitner, a senior economist at Wells Fargo Securities LLC in Charlotte, North Carolina. “We expect prices to bottom out around the middle of next year and then look for modest price appreciation for the next several years. There is still a tremendous oversupply of homes in most major markets.”