Housing market shows a hint of hope – USATODAY.com

New housing reports out Tuesday show some of the first glimmers of stabilization in the troubled housing market, but economists say there are still significant risks that could undermine a recovery.

Home prices fell at a slow pace for the fourth-consecutive month in June, with prices in 20 major metro areas down 0.5% for the month. The decline is far less than the 2% monthly drops seen earlier in 2008, according to the S&P/Case-Shiller home price index. And, in June, prices in nine of the 20 metro areas measured showed a gain from the preceding month, up from seven metros in May.

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“The bottom of the national housing market is in view,” says Mark Zandi, chief economist at Moody’s Economy.com. “The rate of (price) decline is slowing, and there are signs of stabilization in some markets.” But troubles persist. The decline in home prices year-over-year remained in the double digits, with prices a record 15.4% lower in the second quarter of 2008 than in the second quarter of 2007. From the housing market peak two years ago, the index report said, housing prices are off 1