It’s the final Tuesday of the month, which means its time for another wet blanket / wake-up call from Standard & Poor’s and Case-Shiller. The January 2009 S&P / Case-Shiller Home Price Indices are out, and they show the sharpest annual price decline on record.
As usual, Chicago’s year-over-year decline isn’t as steep as the 10-city and 20-city composites, and local condo values are still dropping at a lower rate than the values of all local homes, but everything’s still moving down.
Listed below are the changes in home value from December 2008 to January 2009 (with seasonally adjusted values in parentheses), as well as changes from January ’08 to January ’09:
Chicago home values:
- Month-to-month: -4.6 percent (-4.3 percent)
- Year-over-year: -16.4 percent
Chicago condo values:
- Month-to-month: -2.4 percent (-2 percent)
- Year-over-year: -8.6 percent
Ten-city home values:
- Month-to-month: -2.5 percent (-2 percent)
- Year-over-year: -19.4 percent
Twenty-city home values:
- Month-to-month: -2.8 percent (-2.2 percent)
- Year-over-year: -19 percent
For all of you visual learners out there, the New York Times has posted an interactive chart of the 20-city composite index with data dating back to 2000.