Not so bad for Chicago Economic Update It is hard to argue that areas of the nation are doing well. Buyers are apparently feeling they need to get in on the deals now! The latest comes from CoreLogic who reported that home prices, including distressed sales, increased 12.4% nationwide in July 2013 compared to July 2012, which is the 17th consecutive monthly year-over-year increase in home prices. Overall, home prices remain 17.6% below the April 2006 peak, but have increased 22.8% from the post-crisis low in February 2012. The top five performers on the month were Chicago (48.7%), Phoenix (30.5%), Las Vegas (29.3%), Los Angeles (23.9%), and Boston (23.2%). The recent performance in Chicago is notable, as the area has historically had high levels of distress, low investor participation and has greatly lagged the national recovery. However, July marks the 4th consecutive month where Chicago HPA has exceeded the national average on both the total index and non-distressed index. The home price growth in Phoenix, Las Vegas and Los Angeles, all previously bubble markets, continues the trend of relative outperformance that has been seen throughout the year.
Posted on: Wed, 04 Sep 2013 23:56:49 +0000
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