Home prices – plummeting steeply or slipping slowly?

The S&P / Case Shiller Home Price Indices for September were released today.

The Trib’s headline is typically over the top: “Home prices plummet at steepest rate in 21 years.”

Some context to consider: according to the Case Shiller Index, Chicago prices fell 2.5% from September 2006 to September 2007, about half the national rate of decline. The September 2007 Index is 3.2% higher than in September 2005, 12.6% above the September 2004 level, and 22.8% higher than in September 2003.

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