Chicago home prices may not have reached a bottom yet. A key index shows prices slipped in October compared with September.
The Case Shiller Home Price Index shows that home prices in the Chicago region declined a percentage point in October from September. That ended a five-month streak of gains. Mabel Guzman is president-elect of the Chicago Association of Realtors. She says banks are slashing prices as they try to unload foreclosed properties.
GUZMAN: They just set the trigger and say mark it down because we need to move this. As far as sellers who have traditional home sales, they know that’s their competition out there and they know it’s tough.
Chicago area home prices dropped 10 percent in October from a year earlier. Only six other cities in the 20-city index had double-digit declines. Las Vegas, Phoenix and Tampa posted the biggest year-over-year drops.
