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.
- Miami down 12.4% year over year
- Tampa down 11.8%
- 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.