Data through June 2010, released today by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices, show that the U.S. National Home Price Index rose 4.4 percent in the second quarter of 2010, after having fallen 2.8percent in the first quarter. Nationally, home prices are 3.6 percent above their 2009 level.

The report indicates housing prices have rebounded from crisis lows, but illustrates how housing indicators point to more ominous signals ahead as tax incentives have ended and foreclosures continue.

Both the 10-City and 20-City Composites saw slower annual growth. The 10-City Composite was up 5.0 percent in June, versus +5.4 percent in May, and the 20-City Composite was up 4.2 percent in June, compared to May’s +4.6 percent. While June itself was positive, the annual growth rates decelerated in 14 of the MSAs.

“The monthly Composites cover June and the national index covers the second quarter, when the government’s program for first time home-buyers was winding down. While the numbers are upbeat, other more recent data on home sales and mortgages point to fewer gains ahead,” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. He adds that although there are still looming concerns about developments, the housing market is doing much better than it was a year ago.