Declines continue in latest Case-Shiller report

You know the drill: It’s the last Tuesday of the month, which means it’s time to look at the latest S&P/Case-Shiller Home Price Indices.

The headline this month will be the 19.1-percent annual price decline in the U.S. National Home Price Index. The silver lining, if there is one, is that Case-Shiller’s 10-city and 20-city indices posted light annual improvements over last month’s numbers.

Locally, the prices of all homes declined at about the same rate as the 10-city and 20-city indices over the past year. The decline in Chicago condo values still isn’t as dramatic as the home market overall, but annual declines have picked up some steam in recent months.

Listed below are the changes in home value from March 2008 to March 2009 (with seasonally adjusted values in parentheses), as well as changes from December ’08 to March ’09 and February ’09 to March ’09:

Chicago home values:

  • Year-over-year: -18.6 percent
  • Quarter-on-quarter: -10.8 percent (-11.2 percent)
  • Month-to-month: -3.1 percent (-3 percent)

Chicago condo values:

  • Year-over-year: -12.7 percent
  • Quarter-on-quarter: -7.5 percent (-6.8 percent)
  • Month-to-month: -2.2 percent (-2.2 percent)

Ten-city home values:

  • Year-over-year: -18.6 percent
  • Quarter-on-quarter: -6.6 percent (-5.8 percent)
  • Month-to-month: -2.1 percent (-2 percent)

Twenty-city home values:

  • Year-over-year: -18.7 percent
  • Quarter-on-quarter: -7 percent (-6.2 percent)
  • Month-to-month: -2.2 percent (-2.2 percent)

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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