Chicago’s Case-Shiller Housing Index seasonally adjusted for January 2010 fell 0.8% from December. The monthly drop was greater than the drop from November to December which was 0.6%. It is down 4.3% from January 2009. The housing index is based on resales of houses in the Chicago Metro Area. It is published with a 2 month lag.
Chicago Case-Shiller Indices January 2009 to 2010
The percentage drop for the Chicago Case-Shiller Condominium Index from December to January dropped a whopping 2.3%! It had fallen 0.9% from November to December. The condo index is down 9.4% from January 2009. In my opinion the 2 main reasons for the significant condo index drop are the additional difficulties for financing condos and developer price cuts. Down payment requirements for condos are often higher than for house and mortgage lenders are scrutinizing condo association finances. While the condo index is based only on resales, developer price cuts put price pressure on competing resales.
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