The Case Shiller home price index was released this morning showing a positive print month over month. The index works on a 3 month lag and is an average of home prices in April, May, and June. This average provides the June price number.
As I mentioned last week when the July existing home sales and new home sales data were released, we probably will not see the lagging indicator show a price decline until September or October when the July prices are included.
The following is a great graph showing the stages of a market cycle and shows where we currently are in the real estate bubble: