Bad: Prices travel a bumpy road
housing gallery 1 for sale signs

The latest Case-Shiller home-price index may suggest the housing market has turned the corner, but the report still tells an uneven story.

Many have honed in on July's 1.6% bump capturing home prices across 20 U.S. cities, but that's the non-seasonally-adjusted number and doesn't take into account fluctuations in the data, says Jed Kolko, economist with Trulia, a San Francisco-based residential-property listings website.

A better guide would be the seasonally-adjusted number of 0.4%, which suggests a smaller rise -- in fact, the smallest in the last five months. Indeed, prices nationwide are higher than they were a year ago but the recovery is still bumpy.

  @FortuneMagazine - Last updated September 27 2012 11:11 AM ET
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