Prices for single-family homes and condominiums fell at a record rate during the second quarter, according to the recently released Standard & Poor’s/Case-Shiller U.S National Home Price Index. The report, released on Tuesday, showed declines in prices in all 20 cities measured around the country.

According to the report, home prices fell nationwide by 15.4 percent from the same period last year. The index measures 20 of the largest metropolitan areas, including Chicago. The decline was the largest since the group began measuring home prices in the 20 cities in 2000. Another index measuring 10 major metropolitan areas showed a decline of 17 percent, also a record. This 10-city index has been measured for 21 years.

The decline in prices was felt the most in the usual areas: Miami, Phoenix, and Las Vegas. Prices in Las Vegas fell by 28.6 percent during the second quarter, while declines in Miami reached 28.3 percent. Charlotte posted the best results during the second quarter. Prices for homes in the area fell by 1 percent, the largest decline in nearly 20 years in the area.

However, falling prices are creating opportunities for buyers, even those looking for homes around the North Shore Chicago Real Estate market.

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This entry was posted on Tuesday, August 26th, 2008 at 6:58 pm and is filed under Evanston Real Estate(t) , Northbrook Real Estate(t) , Lake Forest Real Estate(t) , Lake Bluff Real Estate(t) . You can leave a response.