(Crain's) — An index of local home prices fell in December for the fifth straight month, hitting its lowest point since the summer of 2001.
The Standard & Poor's/Case-Shiller index of Chicago-area single-family home prices declined 1.8% from December to January and was down about 7.5% from year-earlier levels, according to a report released Tuesday.
Chicago's monthly decline was the fourth-biggest of 20 U.S. metropolitan areas tracked by Standard & Poor's/Case-Shiller. The city's 1.8% drop was more severe than a 20-city index, which fell 1% from December to January. Washington, D.C., with a 0.1% increase, was the only city among the 20 where prices did not fall on a month-over-month basis, the report said.
“The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery,” David M. Blitzer, chairman of Standard & Poor's index committee, said in a news release. “At most, we have seen all statistics bounce along their troughs; at worst, the feared double-dip recession may be materializing.”
Chicago's single-family price index was the lowest for the area since July 2001, according to S&P data. The local index has fallen 31% since its peak in September 2006. Chicago was one of 11 metropolitan areas that hit a new index low from the market peak in 2006/2007.
Minneapolis saw the biggest monthly decline, 3.4%, followed by Seattle, 2.4%, and San Francisco, 1.9%, according to the S&P/Case-Shiller report.
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