Another read on home price came out Thursday, and it offers a glimmer of hope about Chicago-area home prices.
The good news? In February, local home values on single-family homes were relatively flat, down only 0.4 percent from a year earlier, according to data provider CoreLogic.
The bad news is that number doesn’t take into account the effect of foreclosures and short sales in the market. Add those sales and Chicago-area home values fell 10.4 percent in February on a year-over-year basis. With the inclusion of distressed sales, home prices for all of Illinois fell 11.1 percent in January, making it one of the top five states for home price depreciation.
Nationally, February home prices declined for a seventh consecutive month from their year-ago comparisons, falling 6.7 percent. However, year-over-year prices fell 0.1 percent, excluding distressed sales.
“When you remove distressed properties from the equation, we’re seeing a significantly reduced pace of depreciation and greater stability in many markets,” said CoreLogic chief economist Mark Fleming in a news release. “Price declines are increasingly isolated to the distressed segment of the market, mostly in the form of (foreclosure) sales, as the stock of foreclosures is slowly cleared.”