In a post yesterday, we said the following:
The story and the accompanying graphics above paint a picture that’s glum if not grim. Chicago prices peaked in September 2006 and have since dropped 1.7 percent, according to the S&P/Case-Shiller Home-Price Indices, calculated by market research firm MacroMarkets.
The math is slightly off. The Case-Shiller index value for Chicago was 168.60 in September of 2006, and 165.96 for June 2007. The decline was, therefore, 1.6% rather than 1.7%.
We also, somewhat misleadingly, failed to note that the June index for Chicago rose slightly from the May 2007 value of 165.68, a result that’s neither glum nor grim.
In fact, if you bought in May 2002 (index value 120.38) or May 2004 (index value 141.28) you may be sporting a grin.