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Index shows Chicago home prices rose 2.2% in 2012

(MCT) — Chicago-area home prices rose 2.2 percent last year but the momentum slowed at year's end.

On a month-over-month basis, local home prices fell 0.7 percent in December, following a 1.3 percent decline in November, according to the S&P/Case-Shiller home price index, released Tuesday.

Nationally, the picture looked much brighter on an annualized basis, with prices rising 7.3 percent from 2011 But home prices in many of the 20 largest cities cities also struggled as the year ended.

In 11 of those cities, home prices declined in December.  Chicago posted the largest drop.

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