May
31

Home-Price Index Hits New Recession Low

May 31, 2011

Home prices across the country continue to tumble down.

The Standard & Poor/Case-Shiller Home Price Index, the leading measure of U.S. home prices, was released for the first quarter of this year to show an eighth drop in a row.

The index fell 4.2 percent in the first three months of 2011. That follows a 3.6 percent drop in the fourth quarter of 2010 and a 5.1 percent decline from the same period last year.

for sale sign with price reduced sign on top of it.Nationally, home prices are back to their mid-2002 levels.

Prices in 12 of the 20 metropolitan areas the index measured posted new lows, and Chicago is one of them. In fact, prices in this area are as low as they were back in mid-2001.

According to the index, home prices in Chicago fell 2.4 percent from February to March and are 7.6 percent below their levels during the same period last year.

“This month’s report is marked by the confirmation of a double-dip in home prices across much of the nation,” said David M. Blitzer, Chairman of the Index Committee at S&P Indices.

“Home prices continue on their downward spiral with no relief in sight.”

Chicago-area condo prices fell 13.5 percent over the first quarter of 2010 and are posting levels not seen since the year 2000.

Washington D.C. was the only metro area in the country that saw an increase in home prices, improving 1.1 percent from February to March and 4.3 percent in the first quarter of this year compared to the same time last year.

To summarize: If you don’t HAVE to sell a home, don’t.

If you are in the market to buy, DO.

About The Author

Tracey

Read All Stories By Tracey

5 Comments

1

Tracey,

Thank you for another great article. The day is always darkest before dawn, or at least I hope so. Thank you for bringing us relevant Chicago real estate news.

Brian Hayes
Chicago-Home-Loan

2

The summary doens’t make much sense: “If you don’t HAVE to sell a home, don’t.”.
If the prices are higher today than they are going to be in a year and you need to sell within the five years – then sell it today!

3
Tracey

Prices are lower today than they have been in a decade. You probably won’t get your money’s worth if you have to sell now. Home prices are expected to bottom out this year and start rebounding next year, so it would be best to wait to sell if possible.

4

[...] you know from reading Chicago Real Estate Forum, condo prices in the city have hit their lowest levels in more than 10 [...]

5

It may be a good time to buy for people who don’t mind losing another 10% of their equity.

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