January home prices in Chicago fell for the sixth month in a row, approaching lows reached in the depths of the recession in 2009
The Chicago area fared worse than the national average, with the local index reaching its lowest level since 2001. The index for Chicago-area single-family home prices fell 7.5 percent from the year-ago period, and dropped 1.8 percent in January from December.
The Standard & Poor’s/Case-Shiller home price index covering 20 major markets fell 3.1 percent year-over-year, and was down 1 percent compared with December 2010, according to a report released today.
“These data confirm what we have seen with recent housing starts and sales reports. The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery,†said David M. Blitzer, chairman of the S.& P. index committee in a statement.
Chicago was one of 11 metropolitan areas to hit a new low in January from their market peaks in 2006 and 2007. The Chicago-area price index has fallen 31 percent since its peak in September 2006.
After rebounding nearly 7 percent from its recessionary low, the national price index has fallen more than 5 percent since July and is only 1.1 percent higher than the bottom set in April 2009. As of January, average home prices across the U. S. returned to 2003 levels, the report said.
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Source: http://chicagobreakingbusiness.com/2011/03/january-home-prices-down-3-1-near-09-lows.html
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