Chicago Area Homes Have Large Decrease in Value

This recent article from  the Tribune won’t help you appeal your taxes—you need proof before  December 31, 2007.  This talks of the decrease between November 2007-November 2008.  See the above postings on the forms and actions one needed to appeal tax assessment.  Remember it actually too late to appeal this year’s taxes (unless you have already completed and submitted the forms)  We are just going through the process in preparation for the next tax year so everyone understands next year.

 

Chicago home prices have largest monthly fall on record

By Mary Ellen Podmolik | Tribune staff reporter

9:44 AM CST, January 27, 2009

Another measure of the housing industry's ill health was released Tuesday, this one showing record rates of annual price declines in 11 of the nation's 20 metropolitan housing markets.
The 20-city S&P/Case-Shiller Home Price Index released Tuesday tumbled by a record 18.2 percent from November 2007, the largest decline since its inception in 2000. The 10-city index dropped 19.1 percent, tied with October for the biggest drop in its 21-year history.
Both indices have recorded year-over-year declines for 23 straight months. Prices are at levels not seen since February 2004.
Housing prices in the Chicago area posted the largest monthly decline on record, falling 2.8 percent in November, after a 1.6 percent drop in October, according to the S&P/Case-Shiller Home Price Indices.

On an annualized basis, area home prices fell 12.5 percent, yet the local market continued to fare much better than Detroit, Las Vegas, Los Angeles, Phoenix and key Florida markets.
Fourteen of the 20 metropolitan areas surveyed had November year-over-year price declines of more than 10 percent.
"The freefall in residential real estate continued through November 2008," said David Blitzer, chairman of S&P's Index Committee.
Prices in the 20-city index have plummeted 25.1 percent from their peak in July 2006. The 10-city index has fallen 26.6 percent since its peak in June 2006.
All 20 cities recorded year-over-year declines in November.