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Home prices increase in most U.S. cities — but not Chicago

Updated: December 29, 2012 6:16AM

Home prices in the Chicago metropolitan area fell in September from a year earlier and from August, while most metropolitan areas across the country reported price gains, the latest Standard & Poor’s/Case-Shiller Home Price index report shows.

In the Chicago area, which continues to be impacted by foreclosures, prices fell 1.5 percent in September from a year earlier and were down 0.6 percent from August.

Only the Chicago and New York areas reported declines year-over-year among the 20 metropolitan areas examined in the report. New York home prices fell 2.3 percent.

Chicago was among five metropolitan areas to show declines month-over-month. Prices fell in Boston, down 0.6 percent; Charlotte, down 0.3 percent; Cleveland, down 0.9 percent; and New York, down 0.1 percent.

The 20-city composite rose 3 percent year-over-year and was up 0.3 percent from August.

The 10-city composite rose 2.1 percent year-over-year and was up 0.3 percent from August.

“The 10- and 20-city composite have posted positive annual returns for four consecutive months,” David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in a statement.

“Month-over-month, both composites have recorded increases for six consecutive months … With six months of consistently rising home prices, it is safe to say that we are now in the midst of a recovery in the housing market.”

The Phoenix area reported the biggest annual gain, with prices rising 20.4 percent; followed by the Detroit area, where prices rose 7.6 percent.

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