Archive for January, 2011

Case Shiller Report on Real Estate in Chicago Reported by Francine Knowles

Home prices in the Chicago metropolitan area set a new low since prices peaked in 2006, falling 2.2 percent in November from October and 7.6 percent over the year.

 

That is according to the latest Standard & Poor’s/Case-Shiller Home Price index, which showed prices weakening across the country and also setting new post-peak lows in eight other cities.

 

The annual decline in the Chicago area was the second biggest among 20 major metropolitan areas, trailing only Atlanta, which posted a 7.9 percent decline. But the drop in the Chicago area was an improvement from the 8.5 percent annual drop reported in November 2009.

 

The index for the Chicago area stood at 119.57 in November 2010, falling below the 119.71 level of last March, which had been the low for the year, and marking the lowest point since April 2002, when it stood at 118.97.

 

The 10-city composite fell 0.8 percent over the month and slid 0.4 percent over the year, while the 20-city composite fell 1 percent over the month and dropped 1.6 percent over the year. Home prices fell in 19 of 20 metropolitan areas over the month, excluding San Diego, which reported a 0.1 percent gain. Only four metropolitan areas showed gains over the year—Los Angeles, San Diego, San Francisco and Washington, D.C.

 

The eight other metropolitan areas that set new lows since home prices peaked in 2006 and 2007 are Detroit, Las Vegas, Miami, Tampa, Atlanta, Charlotte, Portland and Seattle.

 

“With these numbers, more analysts will be calling for a double-dip in home prices,” David Blitzer, chairman of the Index Committee at S&P said in a statement. “Certainly nine cities setting new lows and with the only positive news concentrated in southern California and Washington, D.C., the data point to weakness in home prices.”

 

 Thirteen of the metropolitan areas and both composites have posted at least seven months of decline since the beginning of 2010. The Chicago area has posted five months of decline since then. As of November, average home prices across the country are back to the levels they were in the latter half of 2003. Since June and July 2006, the 10-city and 20-city composites are down 30.3 percent.

 

Home prices in the Chicago metropolitan area set a new low since prices peaked in 2006, falling 2.2 percent in November from October and 7.6 percent over the year.

That is according to the latest Standard & Poor’s/Case-Shiller Home Price index, which showed prices weakening across the country and also setting new post-peak lows in eight other cities.

The annual decline in the Chicago area was the second biggest among 20 major metropolitan areas, trailing only Atlanta, which posted a 7.9 percent decline. But the drop in the Chicago area was an improvement from the 8.5 percent annual drop reported in November 2009.

The index for the Chicago area stood at 119.57 in November 2010, falling below the 119.71 level of last March, which had been the low for the year, and marking the lowest point since April 2002, when it stood at 118.97.

The 10-city composite fell 0.8 percent over the month and slid 0.4 percent over the year, while the 20-city composite fell 1 percent over the month and dropped 1.6 percent over the year. Home prices fell in 19 of 20 metropolitan areas over the month, excluding San Diego, which reported a 0.1 percent gain. Only four metropolitan areas showed gains over the year—Los Angeles, San Diego, San Francisco and Washington, D.C.

The eight other metropolitan areas that set new lows since home prices peaked in 2006 and 2007 are Detroit, Las Vegas, Miami, Tampa, Atlanta, Charlotte, Portland and Seattle.

“With these numbers, more analysts will be calling for a double-dip in home prices,” David Blitzer, chairman of the Index Committee at S&P said in a statement. “Certainly nine cities setting new lows and with the only positive news concentrated in southern California and Washington, D.C., the data point to weakness in home prices.”

 

Thirteen of the metropolitan areas and both composites have posted at least seven months of decline since the beginning of 2010. The Chicago area has posted five months of decline since then. As of November, average home prices across the country are back to the levels they were in the latter half of 2003. Since June and July 2006, the 10-city and 20-city composites are down 30.3 percent.

Written by Jack Lewitz | Discussion: No Comments »

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