Chicago has the home you've been been looking for

There are numerous houses for sale in Chicago, IL, and with home values falling monthly, buyers may be able to find great deals on dream properties.

The S&P/Case-Shiller home price index found that values in the Greater Chicago area fell 2.5 percent in February 2012, in addition to a 1.9 percent decline in January. Chicago area real estate is down 6.9 percent on the year, compared to metrics seen in 2011.

In the Windy City, local condominium values also fell 2.4 percent in February, totaling a six-month decline of approximately 15.5 percent. The prices for these properties are now on par with metrics seen in September and October 1999, the Chicago Tribune reports. While costs are down and property values have stumbled even further in 2012, prospective buyers have taken advantage of the trends, creating unique bidding wars all over the country.

What are they bidding for?
With properties priced at record lows, people with the financial means to invest in for-sale homes may be able to get bigger homes for low premiums. This has encouraged many to enter the marketplace and close on houses more regularly. However, interest among many consumers has grown, making it harder in certain areas to sign a deal on a structure without competing against a plethora of other prospective buyers.

An index that measures the number of contracts signed to purchase previously owned homes rose significantly in March to its highest metric in nearly two years, The Wall Street Journal reports. The transactions were up 12.8 percent from a year earlier and 4.1 percent from February 2012, reports the news source.

In addition, the Wall Street Journal's quarterly survey found that for-sale homes declined in all 28 markets tracked. The report highlights that in 2008, the height of the crisis, there was a 11.1-month's supply, and in March, the number fell to a 6.3-month supply nationwide.

Of course, there are certain metro areas where available properties have not declined concurrently to the rest of the country. Chicago, for example, still has a 9.4 months' worth of for-sale homes, making it the perfect time to buy in the area. When looking for a great deal on a home, buyers may want to consider the homes for sale in Chicago.