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CHICAGO—The Chicago metropolitan area just recorded the greatest year-over-year gain in its home prices since November 2005, according to the latest S&P/Case-Shiller US National Home Price Index, just published by the S&P Dow Jones Indices. Since last year, the data show that Chicago-area prices increased by 9.7%. This was, however, still below S&P’s 20-city composite of 13.3%, another indication that Chicago, whatever improvement it has experienced, lags behind much of the nation.

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