Single-family home prices fell last year in most Chicago-area towns, with Oak Lawn falling in the group of suburbs that took the biggest hit with falling home prices.
According to Crain's Chicago Business, 238 of 252 Chicago-area zip codes tracked by Fiserv Inc. saw their home prices fall in 2010, with the overall drop being about 5.2 percent. Oak Lawn's home prices fell 8.7 percent.
See below for a chart of the sales price drops for all area Patch towns.
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In a video covering the prices drops, a Crain's reporter said the biggest declines were in the city's southside neighborhoods. South suburban Harvey suffered the biggest drop, 19.6%.
Evergreen Park's home prices dipped 9.6 percent. Other Southland towns nearby Oak Lawn showed similar decreases, including Burbank (8.2 percent); Chicago Ridge and Worth (7.3 percent); Alsip (7.1 percent); Blue Island (9.4 percent); Riverdale (8.8 percent); Dolton (7.8 percent); and Calumet City (8.5 percent).
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Only three towns in suburban Cook showed an increase in home prices. Park Forest showed the largest gain in home prices at 1.5 percent, followed by Buffalo Grove (1.3 percent) and Western Springs (.30 percent). and Buffalo Grove (1.3 percent).
The future should be brighter, though. According to Crain's, Fiserv predicts a fractional decrease in sale prices this year and an average 3.4 percent increase in 2012.
Town
Percentage Drop
Flossmoor
-3.4 percent
Chicago Heights
-4.2 percent
Homewood
-4.3 percent
Mokena
-4.3 percent
Tinley Park
-5.2 percent
Oak Forest
Hazel Crest
-5.3 percent
-5.4 percent
Orland Park (60467)
Midlothian
-5.5 percent
-5.5 percent
Orland Park (60462)
-6.0 percent
Palos Heights
-6.5 percent
Palos Park
-6.6 percent
Palos Hills
Hickory Hills
Bridgeview
Alsip
Worth
Chicago Ridge
Summit Argo
Dolton
Burbank
Calument City
-6.8 percent
-6.8 percent
-6.8 percent
-7.1 percent
-7.3 percent
-7.3 percent
-7.5 percent
-7.8 percent
-8.2 percent
-8.5 percent
Oak Lawn
Riverdale
Blue Island
-8.7 percent
-8.8 percent
-9.4 percent
Evergreen Park
-9.6 percent
Oak Lawn Patch editor Lorraine Swanson contributed to this report.
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