Chicago Area Home Prices Drop Only 0.2% in August
Crain’s is reporting that Chicago area home prices dropped only 0.2% in August compared with July according to the S&P/Case Shiller Home Price Index. This is better than the 0.7% fall in the top 20 major metropolitan markets during the same time period.
The worst market was Tampa with a 10% drop. Detroit was #2 with a 9.3% drop. Seattle actually saw a 6% gain.
The Chicago area saw a 1.3% drop in the last year compared to a 4.4% drop in the 20 top metropolitan markets. From Crain’s:
“There is really no positive news in today’s report,” Mr. Shiller, chief economist for MacroMarkets LLC, which collaborates with S&P on the index, said in a statement. “At both the national and metro-area levels, the fall in home prices is showing no real signs of a slowdown or turnaround.”
Chicago seems to be faring better, so far, than many of its large city competitors in this downturn.