Nationwide Home Prieces on the Rise

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The Standard & Poor's/Case-Shiller home price index of the largest U.S. metro areas was released today. The index shows another slight increase (1%) of home prices in August 2009, compared to the month before. Still, the median home price in the U.S. is 11.4% down from August 2008.

In Chicago metro area, home prices in August were 1.7% higher than in August and 4.4% higher than in July 2009.

Some experts signal though that the mounting pressure from the distressed homes market, particularly Chicago foreclosures (also, foreclosures in Chicago suburbs), will soon drive the prices back down, or at least make them flat for another 6-10 months.