Jamie Coughlin, Medill Reports
U.S. home prices declined again in the first quarter of 2011, just another sign the U.S. economy is still ailing.
Chicago was one of 12 metro areas that saw housing prices fall to their lowest level during the current housing cycle. The Minneapolis market was down 10 percent from last year, posting the first double-digit decline since Las Vegas posted a 12 percent drop in March 2010. Washington, D.C. was the only metro area that saw home prices increase from last year with prices up 4.3 percent.
U.S. home prices are now back to their mid-2002 levels, according to Standard & Poor’s Case-Shiller Home Price Indices. The index covers 20 metro areas, and of these, home prices in 19 were down from last year.
The U.S. national index sank 4.2 percent in the first quarter after falling 3.6 percent in the fourth quarter of 2010. The index hit a new low for the recession, posting a 5.1 percent decline from the first quarter of 2010.