The home price index fell yet again in May, but this time at one of the fastest rates in recent months. The index by Standard & Poor’s/Case-Shiller measures prices in the 20 biggest metropolitan areas around the nation.
According to the index, prices were down by 15.8 percent from the same month last year, while another index of the 10 largest metropolitan areas showed a drop of 16.9 percent in prices from the same month last year. However, some cities showed signs of an early recovery during the month.
Boston showed the best improvement during the month. Prices in the area were up just over 10 percent in May, a great sign for the real estate market in the region. Meanwhile, the hardest hit cities were no surprise. Las Vegas, Phoenix, and Miami saw huge decreases in prices during May. The areas were the most common for speculative buyers who are now seeing their interest rates climb, resulting in a high rate of foreclosures.
However, the drop in prices is starting to bring out bottom feeders looking for great deals on homes around the country. Buyers are starting to see low prices for Chicago Homes For Sale around the Chicagoland region.
Technorati Tags: Chicago Homes For Sale, Chicago Real Estate, Chicago Home Prices
