11/28/2008 05:12 am ET | Updated May 25, 2011

Chicago Home Prices Fall Less Than National Average

A closely watched national index shows home prices tumbled by the sharpest annual rate ever in August, but prices in the Chicago area didn't fall as much.

The Standard & Poor's/Case-Shiller 20-city housing index released Tuesday dropped a record 16.6 percent in August from the year-ago month, the largest drop since its inception in 2000.

Chicago prices fell 9.8 percent in August compared with August 2007, the Case-Shiller numbers show. Local prices were unchanged compared with July.

The 10-city index plunged 17.7 percent, its biggest decline in its 21-year history.

Both indices have recorded year-over-year declines for 20 consecutive months. Prices in the 20-city index have plummeted more than 20 percent since peaking in July 2006. The 10-city index has fallen nearly 22 percent since its peak in June 2006.

No city in the Case-Shiller 20-city index saw annual price gains in August -- for the fifth straight month.