Case Shiller House Price Index for Chicago – a turn around? Or just tax credit stimulus?

This might be a case of good news or it might be a case of just the effect of the tax credit stimulus (which is good news – until it wears off).   Let me explain:

• Comparing August of 2009 to June of 2009, the prices were up 1.7%.   Normal market conditions would show that June is more of the “prime buying time” so the fact that things are up is good.
• Comparing August of 2009 to August of 2008, prices were down 12.7%.   Not good, but better than some places.
• Comparing July of 2009 to July of 2008, prices were down 14.2%.  So the trend might be reversing.

Or it might just be elevated due to the tax credit and we’ll see what happens when that wears off.

I’ll have more later, if I can help, e-mail me at tvanderwell@straighttalkaboutmortgages.com.

Thanks!

Tom Vanderwell

Home prices in Chicago rose 1.7 percent :: CHICAGO SUN-TIMES :: Personal Finance

Home prices in the Chicago metropolitan area rose 1.7 percent in August from June, and while over the year prices dropped 12.7 percent, that was an improvement over July’s 14.2 percent annual decline, the latest Standard & Poor’s Case Shiller report showed.

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