Thought this would be a great article to share with you. A survey conducted by Standard & Poor’s for S&P/Case-Shiller Home Price indicies seems to indicate that in July 2011, we were at 2003 price levels. Chicago was listed amongst the markets showing some price improvement.
If you’re hoping to invest in a home during current market conditions, I’d advise you to work with people who can help you navigate through this market. There are many fantastic properties with record-low mortgage rates. It’s the perfect time to buy.
At Ryan Hill Realty, we have experienced a steady growth in sales throughout the Chicagoland suburbs. Based on our data, we reiterate that our buyers are educated, well informed, have done their homework and realize that they need sound guidance to navigate through this market if they’re going to get what they want.
The following article is from www.housingwire.com (http://bit.ly/orG7Ar).
Tuesday, September 27th, 2011, 8:59 am
By Kerri Panchuk
The majority of the metropolitan statistical areas surveyed by Standard & Poor’s for the S&P/Case-Shiller Home Price Indices reported declines from July 2010, suggesting buyers remain wary in a market riddled with negative economic news and foreclosures.
The 20-city composite index dropped 4.1% over last year while the 10-city composite index fell 3.7% on an annual basis. Still, declines were less than the median forecast of 28 economists surveyed by Bloomberg News, which projected a 4.4% decline.
The S&P/Case-Shiller Index said its 10 – and 20-city composite indexes increased in July over June, making it the fourth consecutive month-over-month jump in home prices. Still, values were little changed in July from June after seasonal adjustments.
The only two markets to see positive rates of change in the 20-city composite over last year were Detroit and Washington D.C., which rose 1.2% and 0.3%, respectively. The other 18 statistical areas surveyed by S&P experienced year-over-year declines. Minneapolis continued to fare the worst with its home price rate down 9.1% from last year.
S&P said home prices retreated significantly enough in July to reach 2003 levels.
Month-over-month, several markets experienced some price improvements. That list includes Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Detroit, Las Vegas, Miami, Minneapolis, Phoenix, Portland, Tampa, and Washington D.C.