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Chicago Real Estate Blog - Details |
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Residential year-to-year market numbers Chicago
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Posted by: John S. Osga - 12/20/2007 12:22:06 PM
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The Chicago residential housing market price index was down 0.22% from October 2006 to October 2007. Compared to other markets around the country, Chicago was in the middle.
It is true real estate is local. No where is this more evident when looking at the year-to-year adjustments in housing prices in various markets around the country. They range from 11% decreases to 17% increases; or a total fluxuation of 28%.
To no one's surprise, Nevada (leading the nation in forclosures per percentage of households), California, Florida, and Arizona lead the way in decresing home prices over the last year. The greatest was an 11% decrease in the Riverside area of California, followed by double digit decreases in Fort Meyers, Fl. Most markets in Nevada and Arizona saw between 7 to 8% decreases in home values during the past year.
On the positive side, the real estate market in Hawaii saw an increase in 17% in home values followed by Salt Lake City, UT with 11% increases and parts of the Carolina's saw strong 6 to 8% gains during the past year.
What about the Chicago area? Well, I would have to say it wasn't nearly as bad as most of us thought. Prices decreased only 0.22%, that's less than 1%, from October 2006 to October 2007 in the Chicagoland area. From the media and the attitude of most real estate professionals in and around Chicago, one would think this number would be more negative.
I think this is a testiment to how sound the Chicago real estate market is. If we can work our way through this most difficult time with hardly any price declines, the horizon looks bright for when the market starts to rebound.
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