Thanks to all those who pointed out the continued decline in the March Case Shiller condo index for Chicago.
RyanC posted the link below to a SeekingAlpha blog post, complete with a great chart, on how Chicago’s condo market has taken a turn for the worst.
A few months ago, Gary Lucido, our resident real estate agent and expert, believed the market had hit a bottom. And he seemed to be right, until the last few months of data.
The SeekingAlpha blog implies Chicago is “re-busting” (i.e. double dipping):
In fact, prices are now down over 12% on a year-over-year basis and 4.84% since just last month.
To put that startling pace of decline in perspective, the recent price drop would put anyone who purchased a home within the last 12 months with less than 12% down under water while also stripping all the equity from any “buyer” who closed in just the last 30 days with less than 5% down.
Chicago condo (and single family home prices) are continuing to decline while other cities in the index are seeing more stabilization (or, in some cases, price increases.)
Is Chicago’s condo market now the worst in the nation?
Chicago Condos Re-Busting: More March Case-Shiller Analysis [SeekingAlpha, by Sold at the Top, May 26, 2010]