Home prices in Chicago dropped by almost 10 percent from August 2007 to August 2008, according to the latest Standard & Poor’s/Case Shiller housing indices.
Prices were down 9.8 percent over the 12-month period but were unchanged compared with July 2008.
Case Shiller’s 10-city index, which tracks prices in the Chicago, Boston, Denver, Las Vegas, Los Angeles, Miami, New York, San Diego, San Francisco and Washington metro areas, was down 17.7 percent, the biggest annual rate decline the index has recorded in its 21-year history.
The accompanying 20-year index (which adds the Atlanta, Charlotte, Cleveland, Dallas, Detroit, Minneapolis, Phoenix, Portland, Seattle and Tampa markets into the mix) was down a record 16.6 percent year over year, according to the report.