House Prices Are Still Falling In The Midwest, Unless You Live In Detroit

Chicago suburbs, by flikr user Scorpions and Centaurs

New numbers on house prices in the U.S. are out today, and they’re not great. Prices are still falling in most of the 20 cities included in the S&P/Case-Shiller Home Price Indeces. Detroit was one of only three cities where prices increased from January 2011 to January 2012. The other two were Denver and Phoenix.

Prices in Chicago, Cleveland and Minneapolis continue to fall. Chicago is down 36 percent compared to its peak in 2006. Cleveland is down 28 percent. Minneapolis is down 35 percent.

Detroit’s numbers may have been a bit brighter over the past year, compared to other Midwest cities in the index, but house prices in Detroit are still far below all other cities in the index. Detroit’s house prices have dropped 46 percent since the peak.

The average decline for the index as a whole is 34 percent.

What do you see where you live? Are prices bottoming out?

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