Chicago home values in February dipped to levels not seen since the summer of 2001, according to today’s Case-Shiller Home Price Indices release from Standard & Poor’s.
The values of single-family homes here dropped 2.2% from January to February, and were down 7.6% from February 2010. They are now 32.8% off their peak value, recorded in September 2006.
Condos here returned to values last seen in the summer of 2000. They dropped in price by 3.1% from January to February, and were down 13.8% year-over-year. They are now 33.3% below their peak value, recorded in September 2007.
Case-Shiller releases reports on a two-month delay, and each month’s value actually represents a three-month rolling average.