Real Estate Market Recovery Illinois- Chicago

According to S&P/Case-Shiller IL-Chicago Home Price Index release today, the local housing prices are on the rise and recovering from the low of March 2012. However, they are not even close to the highs of  March 2007, so short sale and foreclosures will still be around for a while.  To put it in a perspective,  average home price was recorded at $107,700 at the lows of 2012, and at the $171,300 at the highs of 2007.  Today the number is $134.030. The average loss of property value was $63,600,  it is about $37,300 at this time.