According to a new report released today from the real estate website Zillow.com, home values decreased 6.6% year-over-year to a Zillow Home Value Index (ZHVI) of $189,600. Values also fell in the short-term, changing -1.1% from August to September. The ZHVI measures the value of all homes, not just those that sold in a particular period.
The online real estate tracker also reported that 12.4% of Chicago homes’ values increased in September, while 82.4% decreased.
A large percentage of all sales in September were foreclosure re-sales (REO sales). Nationally, foreclosure re-sales made up 20.1% of all sales.