Home prices take biggest dive
Survey finds 6.7% falloff in U.S.; 3.2% Chicago-area decline
By Susan Diesenhouse | Tribune staff reporter
December 27, 2007
With fewer buyers and a bulging supply of newly built houses, residential sale prices fell nationwide in October for the 10th consecutive month, posting the biggest monthly decline since these numbers were first compiled in 1988, according to the Standard & Poor's/Case-Shiller home price index.
The record 6.7 percent drop marked the worst falloff in same-house sale prices since the 6.3 percent decline during the real estate recession of April 1991.
"No matter how you look at these data, it is obvious that the current state of the single-family housing market remains grim," Robert Shiller, who helped create the index, said in a statement Wednesday.
Chicago was late to the bubble game, so late she will be to the burst. But burst she will. Chicago has the same bad fundamentals as the rest of the country. Home prices too high for average incomes, and over-supply. Chicago is suffering from the same valuation crisis as everyone else.
3 comments:
chicago was not late to the bubble........chicago was in denile and a news blackout of the bubble. o.k. parts of chicago were late to bubble but its all bloat now.
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