WBEZ | Case Shiller http://www.wbez.org/tags/case-shiller-0 Latest from WBEZ Chicago Public Radio en Chicago home prices drop to 2002 levels http://www.wbez.org/story/case-shiller/chicago-home-prices-drop-2002-levels <p><p>Home values in December fell to their lowest level since prices started to drop in late 2006, according to the Standard and Poor&rsquo;s Case Shiller Home Price Index. They&rsquo;ve now slipped all the way back to 2002 levels.<br /><br />Fran Bailey is a realtor with Baird and Warner in Chicago. She says homebuyers are trying to time their purchases to get the lowest price. <br /><br />&quot;Like trying to time the stock market, that&rsquo;s kind of a fool&rsquo;s game,&quot; Bailey says. &quot;But I think people are certainly using that when they&rsquo;re negotiating prices with the expectation that there probably is a little more downside.&quot;<br /><br />Prices for condos dropped even more than for single-family homes. Bailey says that&rsquo;s because it&rsquo;s harder to get financing these days for condos. The Federal Housing Administration only backs mortgages for condos in buildings that are at least half owner-occupied. <br />&nbsp;</p></p> Tue, 22 Feb 2011 21:01:00 -0600 http://www.wbez.org/story/case-shiller/chicago-home-prices-drop-2002-levels