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CoreLogic reports Chicago home prices down, national prices up

by Joe Zekas on 5/9/12

CoreLogic has released its March Home Price Index report which shows that nationally home prices, including distressed sales, declined on a year-over-year basis by 0.6 percent in March 2012 compared to March 2011. On a month-over-month basis, home prices, including distressed sales, increased by 0.6 percent in March 2012 compared to February 2012, the first month-over-month increase since July 2011.

Excluding distressed sales, month-over-month prices increased for the third month in a row. The CoreLogic HPI also shows that year-over-year prices, excluding distressed sales, rose by 0.9 percent in March 2012 compared to March 2011. Distressed sales include short sales and real estate owned (REO) transactions.

In Chicago-Joliet-Naperville, home prices, including distressed sales, declined by 8.8 percent in March 2012 compared to March 2011 and declined by 9.1 percent* in February 2012 compared to February 2011. Excluding distressed sales, year-over-year prices declined by 2.7 percent in March 2012 compared to March 2011 and declined by 5.2 percent in February 2012 compared to February 2011.

The Chicago metro area had the largest year-over-year price declines of any of the nation’s largest metro areas.

As you can see from the following graphics, Illinois was one of the poorest-performing states for home prices.

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