U.S. housing prices plummet -- but not in Chicago

[NNN0LHI]

http://www.chicagotribune.com/business/chicago-housing-prices-jun24,0,7931358.story

Chicago holds as S&P housing index falls at fastest rate ever

The Associated Press
11:16 AM CDT, June 24, 2008

U.S. home prices tumbled in April at the fastest rate since a widely followed index was begun in 2000 with all 20 metropolitan areas surveyed posting annual declines for the first time.

The Standard & Poor's/Case-Shiller home price index of 20 cities fell by 15.3 percent in April versus a year ago, according to Tuesday's report. Prices nationwide are at levels not seen since August 2004.

The narrower 10-city index declined 16.3 percent in April, its biggest decline in its more than two-decade history.

Chicago managed a slight gain to 150.44 from March's 150.33. However, Chicago prices are down 9.3 percent from April 2007, according to the index.

[Saturday]

1. I know, the Chicago market is still not cheap. nt

[frogcycle]

2. Chicago didn't inflate as much as the coasts

[Warpy]

3. I think you'll find every market varies pretty widely

Around here, the big houses on the edge of town and in the east-west exurbs are sitting on the market forever. The little post WWII houses in my area are selling rapidly as people look to downsize both in terms of heating and cooling and commute. My area, a suburb in 1946, is now inner city, equidistant from downtown and the big malls, with amenities within walking distance.

My guess is that the inner cities will continue to do well while the oversupply of yuppie barns built for speculators will do poorly.

[Tierra_y_Libertad]

4. Our house dropped about 1.6% last month.

According to Zillow.com.

But, it had gone up about 140% over the last 5 years.

Rural area SW Washington State.

[Nay]

5. Richmond, VA has been holding up well, too. Prices here never

went nuts -- but they have gone up reliably every year for the past 15 years. What I have noticed is that houses stay on the market for much longer. The buyers aren't out there. We are lucky in that job growth is still strong and ppl are still moving here.