The National Association of Realtors states that Chicago area, single-family home prices dropped in the last year 6.6 percent, to $249,600 and prices dropped 7.7 percent nationwide, to $196,300, from $212,600 a year earlier.

The Chicago Tribune elaborates on the NAR study and reports that U.S. prices fell 3 percent for condominiums, cooperatives and townhouses, but metropolitan Chicago prices for existing units rose 7 percent.

Chicago faces a big problem: 6,000 condos are expected to enter the market in downtown Chicago this year, despite strict mortgage requirements and slowing sales.

The Chicago Tribune also reports that "Sales of newly built downtown condominiums plummeted by about 83 percent during the first quarter, to 201 units from 1,207 units a year earlier, according to a report to be released Wednesday by Appraisal Research Counselors."

How do you think this will affect Chicago condo prices in the Loop?