Report: Chicago area homes are appreciating, but more slowly

In the Chicago area, home prices rose by 5 percent in the year ending March 31, 2007, compared to 10.5 percent during the same period last year, according to a report published Thursday by the Office of Federal Housing Enterprise Oversight (OFHEO).
The report ranks cities according to how much homes appreciated. This year Chicago came in 107th out of the 282 metropolitan areas ranked. Last year, it came in 117th.

U.S. home prices rose in the first quarter of 2007, but at the lowest rate in a decade, the report found. Wenatchee, Wash. had the highest appreciation rate (25.6 percent) for metropolitan areas, followed by Provo-Orem, Utah (19.67 percent) and Salt Lake City, Utah (19.12 percent).

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