APRIL 27, 2011
According to CoreLogic, home prices in Chicago appeared stable in February. However, this calculation only included traditional sales and not distressed-sale properties. When the sale of REO or foreclosed homes is included, this same market area experienced a 10.4 percent decrease in prices. One legislator is taking this shift in calculation one step further by promoting the idea that foreclosure sales prices be excluded during appraisals.
SOURCE: Chicago Tribune, 4/8/11