Several days back Yo’s Barry Pearce picked up on a New York Times article speculating that Chicago might see the first year-over-year housing price decline since 1950.
The New York Times is unlikely to call attention to its erroneous speculation, but we have no hesitation in pointing to ours.
The Office of Federal Housing Enterprise Oversight (OFHEO) numbers are out, and they “paint a picture that’s glum, if not grim” for those insisting – in the absence of any solid evidence – that Chicago prices are falling.
The OFHEO report finds that Chicago-area prices appreciated 3.69% between Q1 2006 and Q2 2007. The numbers aren’t so pretty in many other areas of the country.
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