Standard & Poor’s  reported(.pdf) that U.S. home prices rose for the second month in a row, the Case-Shiller 10-City Home Price Index up 1.1 percent from April to May on an unadjusted basis while the 20-city index rose 1.0 percent.  When seasonal factors are taken into account, the 10-city index rose just 0.1 percent while the 20-city index was flat.

On a year-over-year basis, home prices are still on the decline, the 10-city index down 3.6 percent and the 20-city index 4.5 percent lower.

By region, it was the same story of prosperity in the nation’s capital (where borrowed and printed money continues to flow) while prices plumbed new lows in economically depressed areas. Washington D.C. home prices rose 2.4 percent in May and are now 1.3 percent higher than a year ago (the only region with year-over-year gains) while Detroit, Las Vegas, and Tampa all saw more price declines, their indexes at new post-housing bubble lows.

As for the recent seasonal price strength, look for it to fade in the months ahead.