Jan
31

Chicago Home Prices Haven’t Hit Bottom

January 31, 2012

U.S. home prices are still falling down, especially amongst Chicago real estate.

The Standard & Poor/Case-Shiller Home Price Index was released Tuesday with 19 of the 20 cities reporting a drop in home prices from October to November.

Chicago home prices fell 3.4 percent, more than any other metropolitan area in the country that month.

Nationally, the 20-city index fell 1.3 percent from October to November and 3.7 percent in year-over-year results. That puts U.S. home prices in line with their levels back in the spring of 2003.

In Chicago, home prices in November 2011 fell 5.9 percent from November 2010 and are closer to levels seen more than a decade ago in 2001.

Only Atlanta (11.8 percent), Las Vegas (9.1 percent), Seattle (6.3 percent) and Tampa (6.1 percent) posted bigger year-over-year declines. Those four cities also posted new lows in November.

“Despite continued low interest rates and better real GDP growth in the fourth quarter, home prices continue to fall,” says David M. Blitzer, Chairman of the Index Committee at S&P Indices. “The trend is down and there are few, if any, signs in the numbers that a turning point is close at hand.”

We report these statistics because they are important to the housing industry. Personally, I say 2011 is over. Once 2012 numbers start coming out, I’ll bet we see a shift in the right direction.

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Tracey

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