The report below, an arguably relevant and positive housing report, appeared in a side-bar on page one of the Chicago Tribune Business Section last week. My question is, why wasn’t it on the Front Page? Read on…
Home prices in the Chicago area showed expected summer strength in July, posting a fourth consecutive month-over-month gain, according to a widely watched measurement of home values released Tuesday.
Still, the S&P/Case-Shiller Home Price index showed that despite a 1.9 percent improvement in prices in July, compared with June, home values in the Chicago area were 6.6 percent lower than a year ago, putting them at levels not widely seen since March 2002.”
September 27,2011/ By Mary Ellen Podmolik/ Tribune staff reporter
Yes, prices are lower this year than last year. However what we should be watching now is the month-to-month numbers. This is what will tell us when decline has ended. As of July (the latest that numbers are available for) we have seen our fourth month in a row of improvement, albeit small improvement, it is movement up in sale prices, rather than down.
If this continues for a fifth month, let’s hope it makes the Front Page!
Jeanne Jordan, CNC, SFR