Posted by: union03g | January 26, 2010

New Data: Chicago Case Shiller for November

There’s a lot of data here so let me try and summarize. Chicago is no longer reporting double digit year-over-year declines but the month-over-month (October to November) looks bad with a -1.1% decline – one of the largest metro area declines. Even in seasonally adjusted terms Chicago saw a relatively significant drop in the index. Again, there are specific neighborhoods dragging this index down, including the South Loop, West Loop and River North. I suspect that other neighborhoods with less new condo density are much healthier. Hold fast Chicago.

Around the Country:

San Francisco has reported eight consecutive months of positive returns, San Diego has reported seven and Los Angeles and Phoenix are close behind with six. The two Composites were both down 0.2% over the month, and only five of the MSAs reported positive monthly returns for November.  Dallas, Denver, San Diego and San Francisco are in positive territory with their annual figures at +1.4%, +0.5%, +0.4% and +1.0%, respectively.

Charlotte, Las Vegas, Seattle and Tampa all reached new low levels in November. For Las Vegas, in particular, prices have declined for 39 consecutive months, with a peak-to-trough reading of -55.6%. It is now just 4% above its January 2000 level. This compares to its peak in August 2006, when the average home price was 135% above that same level


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