Case-Shiller Tuesday: Chicago values continue annual decline as national values inch upward

The most exciting piece of news about the February S&P / Case-Shiller Home Price Index came out yesterday, when the index’s committee advised everyone to ignore seasonally adjusted figures for the time being. Less number-crunching for me!

Seriously, though, the positive spin coming out from today’s report is that values in the 10-city and 20-city home markets actually went up a little bit year-over-year. Chicago didn’t follow suit — overall values here dropped 3 percent from February ’09 to February ’10, and condo values fell by almost 10 percent.

Listed below are the changes in home value month-to-month (January to February 2010), quarter-on-quarter (November ‘09 to February ‘10), year-over-year (February ‘09 to Feburary ‘10), and off each market’s peak month.

Chicago overall home values

  • Month-to-month: -2%
  • Quarter-on-quarter: -5.2%
  • Year-over-year: -3%
  • Off peak (September 2006): -27.3%

Chicago condo values

  • Month-to-month: -3.1%
  • Quarter-on-quarter: -7.9%
  • Year-over-year: -9.6%
  • Off peak (August 2007): -22.6%

10-city composite

  • Month-to-month: -0.6%
  • Quarter-on-quarter: -1%
  • Year-over-year: +1.4%
  • Off peak (June 2006): -30.7%

20-city composite

  • Month-to-month: -0.9%
  • Quarter-on-quarter: -1.5%
  • Year-over-year: +0.6%
  • Off peak (July 2006): -30.3%

Case-Shiller’s 10-city index calculates values from the Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York City, San Diego, San Francisco, and Washington, D.C., metro areas. The 20-city index comprises those areas, plus the Atlanta, Charlotte, Cleveland, Dallas, Detroit, Minneapolis, Phoenix, Portland, Seattle, and Tampa metro areas.

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