Chicago’s Case-Shiller Index seasonally adjusted for December 2009 fell 0.6% from November bringing the housing index down a total of 7.2% from December 2008. The monthly drop was less than the drop from October to November which was 0.8%. The good news is that the yearly drop is around half of the drop in 2008 when the Chicago Case-Shiller Index fell 14.3%. The housing index is based on resales of houses in the Chicago Metro Area. It is published with a 2 month lag.
Chicago's Case-Shiller Indicies from December 2008 to Decembeer 2009
The percentage drop for the Chicago Case-Shiller Condominium Index from November to December dropped 0.9% bringing the index down 8.5% for 2009. It had fallen 1.6% from October to November. Last year’s drop was larger than the drop in 2008 when the condominium index fell 7.3%.
For in-depth Chicago Metro Area housing market analysis, sign-up for my monthly email update, “Maximizing Equity“.
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 }
Was 2008 the worst year for the Case Shiller Index for Chicago?
Hi Allison,
Good question! Yes, 2008 had the biggest drop in the Chicago Case-Shiller Index. It only dropped 4.5% in 2007 when the index peaked after rising 2.7% in 2006. The housing index is now down 24.8% from the peak in February 2007.