Standard and Poor’s reported that both the 10-city and 20-city Case Shiller home price indexes rose 1.0 percent from May to June following a bigger gain the month prior, reflecting the end of the homebuyer tax credit that expired two months ago.

This will no doubt offer some hope for housing bulls, however, it will be undoubtedly be short-lived, similar to the home price gains that were seen last fall that were then followed by declines when the first round of the tax credit expired.