The 20-City Composite Home Indice shows a new record annual decline of more than 16%. 

Chicago shows a 10% decline over the last year.  Trinity Illinois Real Estate Brokers George Georgopoulos and Elias "Louie" Mossos say that while this is good news for buyers, the current financial woes make it harder to obtain financing. 

"Buyers should begin identifying ideal properties and continue to monitor them in the next few months," Georgopoulos said, "during which time prices are expected to drop further."

"Since it is becoming increasingly harder for buyers to obtain credit, they should begin improving their credit histories by paying off past-due balances, debt collectors and over-the-limit balances." according to Mossos.