WBEZ | real estate market http://www.wbez.org/tags/real-estate-market Latest from WBEZ Chicago Public Radio en Foreclosures continue to impact Chicago-area home prices http://www.wbez.org/news/foreclosures-continue-impact-chicago-area-home-prices-103692 <p><p>Sales of foreclosures and other distressed properties continue to weigh down overall Chicago-area home prices, which declined 2.9 percent in September compared to the same time last year.</p><p>That&#39;s according to the real estate information company <a href="http://www.corelogic.com/">CoreLogic</a>, which released its<a href="http://www.corelogic.com/about-us/news/corelogic-september-home-price-index-rises-5-percent-year-over-year.aspx"> monthly Home Price Index</a> on Tuesday. Unlike other monthly home price data, CoreLogic tracks distressed properties as well as regular home sales. (Distressed properties include short sales and foreclosures, or real estate owned transactions.)</p><p>&quot;The foreclosures are having a pretty substantial impact on the market because there&rsquo;s still so many of&nbsp; them,&quot; said the Illinois Association of Relators&#39; Jon Broadbooks, who added that foreclosures can take as long as 22 months to wind their way through the legal system. &quot;Until earlier this year, many of them were bottlenecked in the court system. Now they&rsquo;re beginning to move through, and so that&rsquo;s having somewhat of a dampening effect on prices.&quot;</p><p>Without foreclosures or short sales, home prices in Chicago increased nearly two percent compared to September last year.</p><p>Nationally, home prices increased five percent, including distressed sales. CoreLogic said it was the biggest increase in more than six years &mdash; since July 2006 &mdash; and the seventh consecutive monthly year-over-year price increased. All but seven states are experiencing these year-over-year price increases.</p><p>Illinois is second only to Rhode Island as having the greatest home price depreciation.</p></p> Tue, 06 Nov 2012 13:48:00 -0600 http://www.wbez.org/news/foreclosures-continue-impact-chicago-area-home-prices-103692