Apr
08

Chicago Home Prices: Outlook Depends on Your Math

April 08, 2011

Home prices throughout the country in February fell for the seventh month in a row, but take distressed properties out of the equation and the numbers aren’t as bad, even on Chicago real estate values.

Let’s look at the gloomy side first, with short sales and real estate owned (REO) transactions (foreclosures) in toe.

According to the CoreLogic Home Price Index, Illinois home prices in February fell 11.1 percent, which ranked our state in the top five for greatest home price depreciation in the country.

dollar sign under a roofIn the Chicago area alone, home values fell 10.4 percent compared to the same time last year.

But when you take distressed properties out of the equation, home prices remained relatively stable, decreasing a mere 0.37 percent in February 2011 compared to February 2010.

Across the country, home prices in February fell 6.7 percent from the same time last year. But, again, if you take out distressed sales, the number falls to 0.1 percent.

“When you remove distressed properties from the equation, we’re seeing a significantly reduced pace of depreciation and greater stability in many markets,” said Mark Fleming, chief economist with CoreLogic.

“Price declines are increasingly isolated to the distressed segment of the market, mostly in the form of REO sales, as the stock of foreclosures is slowly cleared.”

You can help lower the inventory of Chicago homes by buying one at a great price through an auction. Check back to Chicagoland Real Estate Forum later today for all details on an upcoming auction of homes throughout Chicago and its suburbs.

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Tracey

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1 Comments

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[...] Chicago real estate values have fallen more than 10 percent from last year while the number of homes in foreclosure continues to rise. [...]

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