By Jim Droz

Home prices rose in the second quarter compared to the first quarter, but fell on a year-over-year basis, according to the latest Standard & Poor’s/Case-Shiller National Home Price Indices report.

The quarterly national index rose 3.6 percent in the second quarter to 130.1, after a reported “double dip” in the first quarter. That’s a 5.9 percent decline compared to second-quarter 2010, taking home prices back to what they were in early 2003.

The 20-city composite index rose 1.1 percent on a monthly adjusted basis in June, to 141.3. On a seasonally adjusted basis, the composite remained essentially flat at -0.1 of a percent. The composite fell 4.5 percent year over year.

None of the 20 cities in the composite posted monthly declines in June, and 19 of 20 posted increases. Minneapolis and Chicago saw the largest monthly increases, at 3.2 percent each. All 20 markets declined compared to June 2010, however, with Minneapolis and Portland seeing the biggest drops, down 10.8 percent and 9.6 percent, respectively.

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