Just released this morning, the Standard & Poor’s Case-Shiller Housing Index for the Chicago Metro Area for May rose 1.1% from April, the first month to month increase in the index since June 2008 and the largest month to month increase since November 2005!
The May index is down 17.5% from May 2008 which is an improvement from the drop for the April index which was down 18.7% from April 2008.
Does this mean we’ve reached a bottom for the Chicago Metro Area housing market? According to an article published yesterday on DailyHerald.com, “The worst of housing recession is now behind us.” I hope they’re right, but I disagree with one of their arguments. They cite new home construction rising to the highest level since last fall as evidence that the worst is over. Rising new home construction adds to the inventory of homes for sale which will hinder the overall market’s recovery.
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