The good news is that the Case Shiller Index showed a gain for the New York Metro area of 1.4% on the non seasonally adjusted index (.6% on the seasonally adjusted index) from April to May. The bad news is that the May 2012 index (160.4)  is still 2.8% below the May 2011 index (165.13). National numbers showed the same trend with even Las Vegas showing an upward trend. Various commentators have expressed the opinion that this is the bottom of the housing market and the trend will continue upward. They might be right.