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Case Shiller Index: Chicago Metro Area Drops 3.2% YOY

The Case Shiller Standard & Poor’s Housing Index for October was just released.

The Chicago Metro Area saw a price drop of 3.2% from October 2006.  The good  news is that the Chicagoland Area isn’t as bad off as other Metro Areas that are simply getting hammered.

  1. Miami down 12.4% year over year
  2. Tampa down 11.8%
  3. Detroit down 11.2%

Nationwide, prices were down a record 6.7% year over year in the Top 10 Metro Markets.  The index was down 6.1% in the Top 20 markets.  Several metro markets showed gains including Charlotte (up 4.3%),  Seattle (up 3.3%), and Portland (up 1.1%).

It is the largest nationwide drop since 1991 (during the last housing recession.) From Bloomberg:

“The current state of the single-family housing market remains grim,” Robert Shiller, chief economist at MacroMarkets LLC and a professor at Yale University, said in a statement.

This entry was posted on Wednesday, December 26th, 2007 at 10:06 am and is filed under Market Conditions. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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