Case-Shiller Tuesday: Chicago home values down 6% year-over-year

Overall home values in Chicago fell 6 percent from September 2009 to September 2010, and are currently down 26 percent from their peak in September 2006, according to the latest Case-Shiller Home Price Indices from Standard & Poor’s.

Condo values in the city are also down 6 percent year-over-year, and off 28 percent from their peak in February 2007.

“Prices are now falling – and falling just about everywhere. And it appears there are more price declines coming (based on inventory levels and anecdotal reports),” says Calculated Risk. Looking at the Chicago figures, Realtor Gary Lucido writes:

The Case Shiller index is based upon a 3 month moving average so it includes price data as far back as July, which was the first month in a long while to show year over year declines in closings. In other words, this is the first release of the Case Shiller in a while that represents 3 solid months of declining sales volume, and it won’t be the last. By the time we get to the October and November indices it’s likely to get real ugly.

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