Data through December 2012, released Tuesday by S&P Dow Jones Indices for its S&P/Case-Shiller Home Price Indices, reveals not only did all three headline composites end the year with gains, but the Chicago metro area did as well. From a related press release:
Home Prices Closed Out a Strong 2012 According to the S&P/Case-Shiller Home Price Indices
New York, February 26, 2013- Data through December 2012, released today by S&P Dow Jones Indices for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, showed that all three headline composites ended the year with strong gains. The national composite posted an increase of 7.3% for 2012. The 10- and 20-City Composites reported annual returns of 5.9% and 6.8% in 2012. Month-over-month, both the 10- and 20-City Composites moved into positive territory with gains of 0.2%; more than reversing last month’s losses.
In addition to the three composites, nineteen of the 20 MSAs posted positive year-over-year growth- only New York fell.
The press release went into more detail about the recent performance of Metropolitan Statistical Areas:
In December 2012, nine MSAs and both Composites posted positive monthly gains, led by Las Vegas with an increase of 1.8%.
Eleven cities declined with Chicago posting the largest negative monthly return of 0.7%.
(Editor’s note: Italics added for emphasis)
This decline follows another one from October to November, in which the Chicago MSA lost 1.3 percent.
According to the S&P/Case-Shiller data, home prices in the Chicago metropolitan area did gain 2.2 percent from 12 months earlier.
You can read the entire press release/obtain data from the S&P Dow Jones Indices site here.
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
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