The Case Shiller Chicago area single family home price index has been trailing the rest of the country for quite some time now but this morning S&P Dow Jones released the CoreLogic Case-Shiller home price indices for May and Chicago looks less bad. Not because home prices are growing any faster here but because the rest of the nation’s home price appreciation slowed down a bit with only a 4.5% gain over last year. Phoenix had the strongest showing with a 9.0% gain and once again Chicago came in last place with a paltry 1.3% gain. New York came in second to last place with a 2.1% gain.

Condo prices in the Chicago area advanced in May by 1.2% over last year, the 4th month in a row where the annual appreciation rose from the previous month, after bottoming out in January with a 0.3% decline in prices.

Chicago area single family home prices have shown annual gains for 91 consecutive months but condo prices fell once again

Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices, commented on the slowdown in home price appreciation:

The National Composite Index rose by 4.5% in May 2020, with comparable growth in the 10- and 20-City Composites (up 3.1% and 3.7%, respectively). In contrast with the past eight months, May’s gains were less than April’s. Although prices increased in May, in other words, they did so at a decelerating rate. We observed an analogous development at the city level: prices increased in all 19 cities for which we have data, but accelerated in only 3 of them (in contrast with 12 cities last month and 18 the month before that).

Case Shiller Chicago Area Home Price Index By Month

The graph below shows the monthly Case Shiller Chicago area home price indices for both single family homes and condos going back to the beginning of 1987 along with a trendline based on home price growth prior to the housing bubble. May single family home prices rose 0.7% from April and condo prices rose 0.9%.

Sadly, after nearly 14 years, we have not even recovered to the bubble peak levels – unlike most other parts of the country that have actually exceeded that peak. Single family home prices are still 12.8% below the peak while condo prices are 5.0% below peak. And catching up to that trend line is a pipe dream since we lag it by 27.9% and the gap seems to be widening, not narrowing.

Chicago area home prices are still so weak that, on average, if you had purchased a single family home between October 2004 and September 2008 or a condo between September 2005 – September 2008 you would still be under water. The only good thing you can say about Chicago area home prices is that they have rebounded quite a bit from the bottom. Single family home prices have risen 43.0% and condo prices have risen 57.2%.

The Chicago real estate market still has a long way to go before catching up to bubble peak prices.

#ChicagoHomePrices #CaseShiller #HomePrices

Gary Lucido is the President of Lucid Realty, the Chicago area’s full service real estate brokerage that offers home buyer rebates and discount commissions. If you want to keep up to date on the Chicago real estate market or get an insider’s view of the seamy underbelly of the real estate industry you can Subscribe to Getting Real by Email using the form below. Please be sure to verify your email address when you receive the verification notice.

Abyssinian Guinea Pig brothers Noah and Mason are two-year-old sweet handleable boys looking for a loving guardian.

These boys lived with a family who felt they didn’t have time for them anymore so they relinquished them to Friends of Petraits Rescue.

These nice boys get along with each other nicely, and let me trim their nails. They make adorable whistles, squeals, chirps, squeaks and purring noises-especially when they hear their food coming.

Guinea pigs eat a diet of unlimited Timothy and Orchard hays, limited pellets, and fresh vegetables including romaine, red leaf and green leaf lettuces, cilantro, etc. Guinea pigs, like humans, can’t manufacture their own vitamin C, so they need to supplement with red pepper or other vitamin C rich foods.

Please read up on guinea pig care and diet before adopting by visiting this excellent web site http://www.guinealynx.info/.

They would love a home with people who will handle them daily, keep them well fed, and keep their habitat nice and clean.

If you’re interested in possibly adopting Noah and Mason, please contact [email protected] for an adoption application.

They are being fostered in Chicago’s Andersonville neighborhood.

Their adoption fee of $70 as a pair benefits the Friends of Petraits Rescue. For an additional $100, we’ll include absolutely everything you need to care for them including a huge cage, pellets, hay, litter, hidey huts and water bottles.

And, yes … Friends of Petraits is handling masked, minimum contact, socially distant adoptions during the pandemic.

It started as a rhetorical question.

I asked my friend, “Would you want a vaccine to become available before the election if it meant Donald Trump would remain president for four more years?”
Her response surprised me. “He’s going to lie about a vaccine in October to try and save his job.”
This really didn’t answer my question, but it got me thinking.

I admit this never crossed my mind. Not even once. I also admit that I can’t believe I was so naive to think that doing this would be beneath him.

Let’s take a look at his history. As POTUS, he’s already tried to get China and the Ukraine involved in rigging the upcoming election. Fact checkers have him with over twenty-thousand lies since he became President. Before becoming the nation’s leader, his entire life was a lie. Trump University, Trump Airlines, Trump Steaks, lying and cheating on all three wives, his history of never paying contractors for work done, taking money from a children’s cancer charity and on and on and on. Lie, lie, lie, lie, lie……

I haven’t even started on how he’s lied about his administration’s handling of the coronavirus pandemic. Only a few cases that will be gone shortly, hydroxychloroquine, it’ll disappear during the heat of the summer, BLEACH and on and on and on. Lie, lie, lie, lie….

C’mon…if the dude is going to lie about throwing out a first pitch at a baseball game, imagine what he’ll do when the election is at stake.

Moderna is now in phase three of their clinical trials for a vaccine. The nation’s best medical minds say the earliest part of 2021…and that’s pushing it. And naturally, even though he had absolutely nothing to do with this, Trump and all of his flunkies will be taking all the credit.
“Thanks to President Trump’s leadership and the hard work of American scientists, the investigational vaccine developed by NIH and Moderna has reached this Phase 3 trial at record pace.” said HHS Secretary Alex Azar.

If it really does happen by the end of the year, that would be great for everyone, but maybe not for Donald Trump. For him it has to occur sooner. From the end of December to October is a small stretch. What’s a few months if it means a few million votes? What’s a few months when it gets him another opportunity to spend four more years as a grifter of the American people? What’s another lie among the thousands of previous lies?

His newest revelation lie is only two months away. The Trump vaccine that will save millions of lives is right around the corner. I hear the main ingredient in the vaccine is bleach.

Related Post: Dr. Anthony Fauci throwing out the first pitch at the Washington Nationals game is going to piss off Donald Trump

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