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Chicago home prices fall in October

Home prices in Chicago fell in October, according to Standard & Poor.

Home prices in Chicago fell in October, according to Standard & Poor.

According to a recently released report by Standard & Poor, home prices in the United States declined significantly in the month of October, with decreases seen in major markets such as Chicago and Atlanta.

Chicago home prices dropped 1.8 percent in October after a 0.8 percent drop was recorded in September. Standard & Poor's Case-Shiller Home Price Indices showed that compared to 2010, home prices in Chicago were down 4.8 percent in 2011. Other cities in the Midwest also posted decreases in home prices, with Cleveland, Detroit and Minneapolis all posting monthly declines of 1 percent or more.

Eighteen of the 20 cities that were included in the Case-Shiller index showed a year-over-year decline, but Atlanta showed the largest decline with a 12 percent drop.

Record lows in home prices and mortgage interest rates haven't been able to turn around the housing market, which has been on a downturn for five years.

Out of the 20 cities record in the Cash-Shiller index, 19 reported declines in home prices from September to October.

TransUnion recently reported mortgage delinquency rates are expected to rise in 2012, which is a sign the market is still in a decline. Given current low mortgage rates and home prices, those who can afford the relocation cost might consider this a good time to purchase a house.