3 positive housing indicators offset by 3 worries

There's been a spate of signs that the U.S. housing market may have finally turned around. But for every piece of good news, there seems to be something bigger holding it back.

Good: Prices on the rise
housing gallery 2 house for sale

U.S. home prices in July rose from the previous month, marking the third month in a row that a closely watched index measuring the health of the housing market saw positive changes.

On Tuesday, the Standard & Poor's Case-Shiller home-price index for 10 major metros jumped 1.5%, while the 20-city index rose 1.6%. Many have taken the reports as another sign that the housing market is recovering. Sales of existing homes have risen in recent months; the inventory of homes for sale has fallen; the pace of foreclosures has slowed.

"All in all, we are optimistic about housing," said David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices, in a statement.

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