Home Prices Rise Again, But Will It Help?

Home prices in the Chicago rose 1.4 percent in August for the fourth consecutive monthly increase, the Chicago Tribune reported on October 25, 2011. The S&P/Case-Shiller home price index reported August home prices were down 5.8 percent from a year ago, on par with their April 2002 levels, but Chicago and the rest of the Midwest has seen some of the best improvements in the index during the past several months.

“The Midwest is one region that really stands out in terms of recent relative strength,” David Spitzer, chairman of S&P Indices’ index committee, told the Tribune. “Chicago, Detroit and Minneapolis have all posted very sharp monthly increases going back to May. These markets were some of the weakest during the crisis, particularly Detroit.”

Nationally, home prices remain below where they were a year ago in 18 of the 20 cities included in the monthly index. Only Detroit and Washington, D.C. reported year-over-year gains, up 2.7 percent, and 0.3 percent, respectively.

While foreclosure activity typically peaks when prices bottom out, are you still seeking foreclosure help even as home prices around Chicago rise? Our Chicago bankruptcy lawyers want you to know that if you are struggling to keep your house, you do have options. Our firm can assist you in filing a bankruptcy means test that can determine the best way for you to manage your debt. Whether you are unemployed or have a mountain of credit card or medical bills making it difficult to pay your mortgage every month, a Chapter 13 or Chapter 7 bankruptcy can effectively give you a fresh start with your finances. If you want to put an end to creditor harassment, contact our office today to see how we can help.

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