Chicago is My Home

27
May

Falling Chicago Home Prices Mirror Larger National Trend, New Index Says

Author: Adam Fendelman, Category: Real Estate

CHICAGO – Cooling home prices in the Chicago area mirror the nationally weak housing market, according to the Standard & Poor’s/Case-Shiller home prices indices released on Tuesday.

Chicago home prices were down 10 percent in March 2008 as compared with March 2007. The national index showed that prices fell by 14.1 as percent compared to the first quarter of 2007, which is the sharpest drop since Standard & Poor’s began using indices in 1988 to monitor change in prices.

David Blitzer – chairman of the index committee at Standard & Poor’s – gave a bleak assessment of the outcomes of the indices.

“There are very few silver linings that one can see in the data,” Blitzer said in a Tuesday statement. “Most of the nation appears to remain on a downward path with 19 of the 20 metro areas reporting annual declines. Six of those are now at negative rates exceeding 20 percent.”

By Megan O’Neil