Housing prices fell nationwide by 12.7 percent, according to the S&P Case/Shiller Home Price Index. The index measured prices in the 12 months ending in February. It was the biggest price decline seen since the group started tracking prices in the 20 largest markets eight years ago.
The usual suspects led the nation in declining prices during the period. Las Vegas, Phoenix, and Miami saw prices decline by more than 20 percent. These markets saw a large increase in prices in the last five years as a result of heavy investment by speculators.
The end of easy credit and rising interest rates led to a sharp downturn in the number of buyers on the market in many markets. The only city in the index to see higher prices during the period was Charlotte, where prices rose by 1.5 percent.
The news may not get any better in the short term, as the number of foreclosures nationwide jumped by 112 percent. The increase in the number of foreclosed homes on the market promises to put more pressure on prices. However, for buyers looking for Chicago Homes For Sale, the time may be now to take advantage of low prices in many neighborhoods around the city.
Technorati Tags: Chicago Homes for Sale, Chicago Real Estate, Home Prices Nationwide
