News & trendsMarket conditions

CoreLogic – Chicago-area home prices continue decline

by Joe Zekas on 4/5/12

CoreLogic released its February Home Price Index yesterday, and once again the Chicago numbers are down:

In the Chicago-Joliet-Naperville area, home prices, including distressed sales, declined by 7.3 percent in February 2012 compared to February 2011 and declined by 9.1 percent* in January 2012 compared to January 2011. Excluding distressed sales, year-over-year prices declined by 3.8 percent in February 2012 compared to February 2011 and declined by 4.2 percent* in January 2012 compared to January 2011.

CoreLogic’s February highlights:

  • Including distressed sales, the five states with the highest appreciation were: West Virginia (+8.6 percent), Michigan (+5.8 percent), Florida (+4.7 percent), Arizona (+4.5 percent) and South Dakota (+4.1 percent).
  • Including distressed sales, the five states with the greatest depreciation were: Delaware (-11.2 percent), Connecticut (-7.9 percent), Rhode Island (-7.8 percent), Illinois (-7.1 percent) and Georgia (-6.6 percent).
  • Excluding distressed sales, the five states with the highest appreciation were: South Dakota (+5.9 percent), West Virginia (+5.6 percent), Maine (+4.5 percent), Utah (+3.7 percent) and Montana (+3.6 percent).
  • Excluding distressed sales, the five states with the greatest depreciation were: Delaware (-8.7 percent), Connecticut (-4.9 percent), Nevada (-4.6 percent), Vermont (-4.0 percent) and Minnesota (-3.3 percent).
  • Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to February 2012) was -34.4 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -24.6 percent.
  • The five states with the largest peak-to-current declines including distressed transactions are Nevada (-60.2 percent), Arizona (-49.8 percent), Florida (-48.6 percent), Michigan (-44.0 percent) and California (-43.7 percent).
  • Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 67 are showing year-over-year declines in February, nine fewer than in January.
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