Chicago Home Prices Fall according to New S&P Report

A home falling in the cracksSweet Home Chicago is probably the wrong title for the Windy City after hearing news from the recently released Standard & Poor’s Case-Shiller Home Price Indices. Like the Cubs and Bulls, Chicago real estate cannot seem to catch a break.
The Standard & Poor’s Case-Shiller home price index reported that home prices fell in March, resulting in the first quarter ending at the lowest levels since 2006 when the housing bust began. Chicago-area single-family home prices fell 2.5 percent from February to March. Compared to a year ago, single-family home prices are down 7.1 percent.
The prices of Chicago-area condos didn’t fare much better according to the S&P Case-Shiller index. Condo prices fell 0.3 percent from February to March and were down 5.1 percent from a year earlier. Since September 2007, the condo index has fallen 39.5 percent.

Of the cities it tracks, S&P’s Case Shiller report found that 12 of 20 cities saw rising prices, including hard hit Tampa and Miami. However, Chicago is still a starter for the Bad News Bears when it comes to real estate. Prices have dropped for seven straight months. According to the S&P Case-Shiller data, local price levels have not been lower since March 2000.

“While there has been improvement in some regions, housing prices have not turned,” explained David M. Blitzer, chairman of the index committee at S&P Indices. “This month’s report saw all three composites and five cities hit new lows. However, with last month’s report nine cities hit new lows. Further, about half as many cities, seven, experienced falling prices this month compared to 16 last time.”
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