Chicago’s Case-Shiller Index for April 2010 rose 0.6% from March, the first rise in the housing index since September 2009. The monthly rise was unexpected after the drop from February to March of 2.3%. The Chicago index is down 1.6% from April 2009. The index is based on resales of houses in the Chicago Metro Area. It’s published with a 2 month lag.
Chicago's Case-Shiller Indices April 2009 to April 2010
The Chicago Case-Shiller Condominium Index rose from March to April a whopping 5.2%, wiping-out the drop from February to March of 4.8%. The condo index is down 6.7% from April 2009.
Don’t expect the rises to signal a turn-around in the Chicago real estate market. Prices were helped by the rush of buyers who qualified for tax credits. Those buyers had to have a signed contract by April 30th. However, positive news about Chicago’s housing market is always welcome!
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ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
{ 2 comments… read them below or add one }
Fran, if there were to be another tax credit and you were in charge, how would you write it? I’m not certain how I would write it, but I think that if they are gonna keep extended or renewing or bringing back the tax credit, they may as well make it permanent but for Pete’s sake redesign it.
Maybe they should just come up with a perminent tax credit that is scalable to income and price of home. Something like if you make less than $50K, you get $8K as long as you don’t purchase anything above $300K. If you make a little more, you can purchase more but you get less back. The idea being to make sure only people who can afford the big ticket homes buy the big ticket homes.
And instead of paying out cash, how about they can only use the money for home improvements or toward their property tax?
Hi Icarus,
It’s an interesting question. If there were another tax credit, I think it should be a smaller amount, like $4,000. Otherwise, a pattern of extending it is established and first time buyers will wait to buy thinking the $8,000 credit will come back.
In my opinion there shouldn’t be any more tax credits for buying a home. Money that would have gone into tax credits should be used to help create jobs. The housing market in Chicago won’t turn around until unemployment starts dropping.