Chicago-area home prices fell 2.0 percent from September to October and posted the steepest year-over-year decline of any big city in the nation, according to a report Tuesday from the S&P/Case-Shiller Home Price Indices. Prices for single family homes in the Chicago-area were off 6.5 percent from the same period a year ago.
Overall, home prices decreased 1.3 percent across the nation's 20 major cities in October from September. While Chicago posted the biggest year-over-year decline, Atlanta saw the biggest monthly drop. Meanwhile, Charlotte, Dallas, Denver, Portland, and Tampa all posted their fourth consecutive monthly decreases.
"There is no good news in October’s report. Home prices across the country continue to fall," David M. Blitzer, Chairman of the Index Committee at Standard & Poor's, says in the firm's report. "The trends we have seen over the past few months have not changed. The tax incentives are over and the national economy remained lackluster in October, the month covered by these data."
Each of the 20 cities surveyed in the report posted monthly declines. The last time that happened was in February 2009.
Despite the declines, the index of housing prices is up 4.4 percent since it's low point in April 2009. But it remains nearly 30 percent below it's July 2006 peak.
And if current trends hold, this year will rank as the worst for home sales in more than a decade.