Core Logic Report on Chicago Home Prices

Core Logic’s latest report tells Chicagoans that there is going to more of the same as far as renting and buying go. The report, released this week from Core Logic’s analytic department, reports that:

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Pills “In Chicago-Joliet-Naperville, home prices, including distressed sales, declined by 7.3 percent in April 2012 compared to April 2011 and declined by 7.9 percent in March 2012 compared to March 2011. Excluding distressed sales, year-over-year prices declined by 1.1 percent in April 2012 compared to April 2011 and declined by 3.5 percent* in March 2012 compared to March 2011.”

This is in contrast to the national report which states:

“Home prices nationwide, including distressed sales, increased on a year-over-year basis by 1.1 percent in April 2012 compared to April 2011. This was the second consecutive year-over-year increase this year, and the first time two consecutive increases have occurred since June 2010. On a month-over-month basis, home prices, including distressed sales, increased by 2.2 percent in April 2012. This marks the second consecutive month-over-month increase this year.

Excluding distressed sales, prices increased 2.6 percent in April 2012 compared to March 2012, the third month-over-month increase in a row. The CoreLogic HPI also shows that year-over-year prices, excluding distressed sales, rose by 1.9 percent in April 2012 compared to April 2011.”

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What exactly does this mean for Chicago renters, buyers, and sellers? The market is still a rough one for those trying to move a condo or home. Prices are falling and demand is very low, even with the inherent value of Chicago’s real estate. Renting is a different story, and numerous individuals are making good on their condo investment by subleasing it to renters. In fact rental space across Chicago is in extremely high demand and is nearing capacity. This means that as condo prices fall apartment rents are continuing to rise year after year, trends that Core Group Chicago follows year after year to ensure that we are in the best position possible to help you with your Chicago property needs whether you are buying, renting, or selling, whether you are after residential or commercial space.


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