Case-Shiller Tuesday: Chicago homes at spring 2002 values

Case-Shiller values for Chicago homes, January 2000 - November 2010

The value of Chicago homes dropped 2.2% from October to November, and 7.6% year-over-year, according to the latest Case-Shiller Home Price Indices from Standard & Poor’s. Values are now 29.1% below their peak in September 2006.

For condos only, values dropped 1.7% from October to November and 11.6% year-over-year. They are now 25.7% below their peak value from September 2007.

Both indices dropped to similar values this March, rose slightly throughout the spring and summer, then fell again. Values currently are similar to those seen in early 2002.

The chart above shows the trend lines for Chicago homes overall (blue) and condos only (red), from January 2000 to November 2010. Case-Shiller releases reports on a two-month delay, and each month’s value actually represents a three-month rolling average.

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