- Home prices in the Chicago area fell in November for the third consecutive month, putting them back at May 2001 levels, according to a widely watched index released Tuesday.
The S&P/Case-Shiller home price index found that in November, housing prices in the Chicago area fell 3.4 percent from October and were down 5.9 percent from a year ago. Other than Atlanta, Seattle, Tampa and Las Vegas, Chicago had the greatest year-over year price decline of the 20 markets studied.
"I can only imagine how frustrating this market is for Chicago," said Zillow chief economist Stan Humphries. "The current rate of price depreciation is on par with the darkest period of the housing recession in Chicago, from November 2008 to March 2009, when monthly price depreciation averaged 2.4 percent. It's fundamentally a reflection that housing supply in the (metropolitan area) far outstrips housing demand."
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