Improvements for the bottom tier of homes drove the almost imperceptible increase in the Chicago Case-Shiller index announced this morning. The charts below show that the index remains 6% below year-ago levels and increased just 0.3% over the last month. The latest release covers June, July, and August 2011, so there is a lag and monthly effects are smoothed.
Nationally, home prices fell very slightly from last month and remain about 4% below year-ago levels.
The Chicago condo index increased slightly last quarter, but is 10% above its level a year ago.
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