The 10-city index and the 20-city index arrested their free-fall in May 2009. At that point, they were 33% and 32% off their peaks, reached in April 2006. Since then, the two indices have moved sideways, increasing slightly until January 2010, before sliding down a few percentage points by August 2011.
Chicago also experienced a momentary pause in June 2009, but they posted just three months of increases before resuming their fall, which continued steadily through July 2011. In a time where the national home values have remained essentially flat (June 2009 through August 2011), Chicago area values have fallen another 10%.