News & trendsMarket conditions

CoreLogic Home Price Index ranks Chicago worst of 10 largest metros

by Joe Zekas on 1/16/13

CoreLogic released its November Home Price Index report yesterday. The highlights:

Home prices nationwide, including distressed sales, increased on a year-over-year basis by 7.4 percent in November 2012 compared to November 2011. This change represents the biggest increase since May 2006 and the ninth consecutive increase in home prices nationally on a year-over-year basis. On a month-over-month basis, including distressed sales, home prices increased by 0.3 percent in November 2012 compared to October 2012*. The HPI analysis shows that all but six states are experiencing year-over-year price gains.

Excluding distressed sales, home prices nationwide increased on a year-over-year basis by 6.7 percent in November 2012 compared to November 2011. On a month-over-month basis excluding distressed sales, home prices increased 0.9 percent in November 2012 compared to October 2012. Distressed sales include short sales and real estate owned (REO) transactions.

In Chicago-Joliet-Naperville, home prices, including distressed sales, declined by 0.5 percent in November 2012 compared to November 2011. On a month-over-month basis, home prices, including distressed sales, increased by 0.3 percent in November 2012 compared to October 2012.

Excluding distressed sales, year-over-year prices increased by 2.3 percent in November 2012 compared to November 2011 and declined by 0.4 percent* in October 2012 compared to October 2011. On a month-over-month basis, excluding distressed sales, the CoreLogic HPI indicates home prices increased by 0.9 percent in November 2012 compared to October 2012.

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{ 8 comments… read them below or add one }

PosterBoy January 16, 2013 at 9:02 AM

Worst? That’s a misread. Chicago has become a multi-family downtown market.

Single family detached is played out.

Reply

Joe Zekas January 16, 2013 at 12:55 PM

PosterBoy,

It’s not a misread. Read. Chicago’s the worst performer of the 10 top metros. The stats are for the Chicago-Joliet-Naperville metro area and downtown Chicago is a small part of that. Single-family detached is still the norm in most of the area, and still what most buyers desire.

Reply

pedro January 16, 2013 at 2:54 PM

Good point, the suburbs really seem to be struggling.

Reply

PosterBoy January 17, 2013 at 4:01 PM

“Single-family detached is still the norm in most of the area, and still what most buyers desire.”

Not even close:

“It really is the only type of housing that people are looking at,” said David Hovey, architect and developer of Optima Chicago Center, a 325-unit rental building under construction in the city’s Streeterville neighborhood.”

http://www.chicagotribune.com/business/ct-biz-0117-apartment-boom-20130117,0,3402144.story

Reply

Joe Zekas January 17, 2013 at 4:34 PM

PosterBoy,

Will you please get a grip on reality and stop talking about the downtown market as if it’s all there is in a vast metro area?

Reply

PosterBoy January 17, 2013 at 4:46 PM

Good Evening Mr. Zekas.

I can assure you my grip on reality is quite firm.

http://www.cnbc.com/id/100388194

“Multi-family has reached escape velocity; single-family is stuck in the mud.”

What you see happening in Chicago is rather insightful. It’s not as if the market is bad, it is that the market has changed. 50 year-old metrics based on single family homes are obsolete.

Reply

Joe Zekas January 17, 2013 at 5:48 PM

I can assure you your grip is not even tenuous. Did you even read the article you linked, which reports that 30% of housing starts were multi-family and there were concerns of over-building?

Reply

PosterBoy January 17, 2013 at 5:53 PM

Keep listening to Kotkin….to your own detriment.

Good Day….

Reply

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