Chicago Home Prices Rise For Month

Chicago led the way of eight cities posting month-to-month gains in a June report from the Case-Schiller Home Price index. While Zacks.com reported on August 30, 2011, that Chicago rose 1.32 percent for the month-to-month, it was also one of five hardest-hit metropolitan areas in year-over-year declines with those numbers down 7.49 percent.

The Chicago Tribune reported on August 30, 2011, that a majority of the monthly improvement in the Chicago area came from the 6.5 percent price increase between May and June in homes that sold for less than $162,138. Homes sold for more than $275,128 rose 2.9 percent, while houses sold for between $162,138 and $275,128 appreciated 1.8 percent.

The Tribune also noted that the condominium market in the Chicago area saw improved sales prices for the fourth straight month, with values increasing 4.3 percent from May to June. Zacks.com added that while the Case-Schiller data is the "gold standard for housing pricing information," it is better to look at the seasonally adjusted numbers for three-month moving average. The most recent report, for example, includes data from April and March.

If you are still facing foreclosure in your own housing situation and have been considering a short sale or bankruptcy as options, contact our Chicago bankruptcy information law firm today for a free initial consultation.

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