The latest numbers from the Case-Shiller report indicate improvement in housing values for Portland and Seattle in July. While it may be a little too early to say with certainty that home prices are now recovering, the data suggests that the trend of declining home values over the past 12 months began to reverse with an increase in prices in the spring and continuing into the summer. Couple this with a report that housing inventories are shrinking in part because fewer than expected homes are being built and it may suggest that recovery cannot be far away.