Home prices in Chicago area drop in November

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Updated: January 31, 2012 3:40PM

Home prices in the Chicago metropolitan area fell 3.4 percent in November from October and are down 5.9 percent from November 2010, according to the latest Standard & Poor’s/Case-Shiller Home Price index.

Nationally, the 10-city and 20-city indexes both fell 1.3 percent from October. The Chicago area posted the biggest month-over-month decline and was among 19 of the 20 cities in the index to post price drops.

Prices have fallen in the Chicago area for three straight months, following four months of increases, and are at levels last seen in May 2001.

The 10-city composite was down 3.6 percent year-over-year, and the 20-city composite dropped 3.7 percent from November 2010. The declines were worse than the annual declines reported for October.

“Despite continued low interest rates and better real GDP growth in the fourth quarter, home prices continue to fall,” David Blitzer, chairman of the Index Committee at S&P Indices, said in a statement. “The trend is down and there are few, if any, signs in the numbers that a turning point is close at hand.”