The FHFA home price index rose 0.9% in June on a seasonally adjusted purchase-only basis, and up for the third straight month. On a quarter-over-quarter basis, the index is down 0.6%. The New England and West South Central areas posting the strongest price 2Q gains while the Mountain region saw the weakest prices. The index still remains down 5.9% year-over-year and is down 18.8% from its April 2007 peak. Although the report is upbeat, the large supply of unsold homes for sale in a still weak housing market will likely add downward pressure on prices in the remainder of this year.