IS OUR MARKET STABILIZING?

According to the Office of Federal Housing Enterprise Oversight, the Pacific Division -- which includes Hawaii, Alaska, Washington, Oregon and California -- saw a price increase in May of 0.3%, its first price jump since March 2007.

"It is very hard to draw conclusions from a one-month number, especially in these uncertain times; but the numbers in the Pacific, East and West North Central Divisions may be good signs," Ofheo Director James B. Lockhart said in a statement.

Ofheo's monthly index is based on the purchase prices of houses backing mortgages that have been purchased or guaranteed by Fannie Mae and Freddie Mac.