Case Shiller home prices go up ... and down

The server at Standard and Poors appears to be overloaded, so, without the entire S&P Case Shiller Home Price Index report for the month of December, the best that can be done here is to take the two conflicting headlines you may now be reading and update the chart below.

Note: The chart above is animated - if you don't see it moving, it's not my fault.

Adding to the ongoing confusion about what's happening in the nation's housing market, the 20-city home price index rose 0.3 percent from November to December on a seasonally adjusted basis, but fell 0.2 percent when seasonal factors are not taken into account.

So, are home prices rising or falling?

Technically, they are now falling and have been for three months, however, when you consider that upward price moves are much stronger in the summer months than during the winter and adjust the data accordingly, home prices are now rising.