Home prices are 3.6 percent above their year-earlier levels and up 4.4 percent in the second quarter, according to Standard & Poor’s Case-Shiller Home Price Indices. David M. Blitzer, chairman of the index committee at Standard & Poor’s, said the housing market is in better shape than it was at this time last year but warns that, despite upbeat second quarter numbers, more recent data suggests fewer gains ahead. Lack of demand combined with foreclosures and the shadow inventory could begin to affect home prices in the coming months. More here and here.