Chicago Home Prices the Same as a Decade Ago

November 29, 2011

Metro Chicago real estate prices have fallen after four straight month-over-month increases.

According to the latest Standard & Poor’s/Case-Shiller Home Price Index released Tuesday, home prices in the Chicago metropolitan area in September declined 0.8 percent from August and are 5 percent lower than home prices in September 2010.

In fact, today’s home prices around Chicagoland are similar to those seen back in the second quarter of 2002.

And, we aren’t alone. Detroit and Washington, D.C. were the only two metropolitan areas in the country to post annual price increases in September.

Nationally, home prices are back to levels seen in the first quarter of 2003.

The index recorded a 3.9 percent drop in U.S. home prices in the third quarter of 2011 over the third quarter of 2010. In September, the 10-City Composite posted an annual rate of decline of 3.3 percent and the 20-City Composite fell 3.6 percent.

Atlanta, Las Vegas and Phoenix even posted new index lows. David M. Blitzer, Chairman of the Index Committee at S&P Indices, called that “disturbing.”

“Home prices drifted lower in September and the third quarter,” said Blitzer. “Over the last year home prices in most cities drifted lower. The plunging collapse of prices seen in 2007-2009 seems to be behind us. Any chance for a sustained recovery will probably need a stronger economy.”

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