25 June 2009 ? Home sales in Chicago fell 18.7% during the month of May as compared to the same time last year. This number is spread over a nine county area. The month of May was the smallest decline in a month-over-month comparison this year. The City of Chicago saw a 27.5% drop in home sales. This number takes into account foreclosures as well as short sales. Part of the reason for this decline could be contributed to the critical need for governmental agencies to review the growing disparity in the ability to finance a condominium or purchase in the city. This affordable housing will become unaffordable and unattainable to many qualified first-time home buyers in the city of Chicago unless existing federal guidelines, which do not take into account nuances of the local market, are modified. Condominiums make up the majority of affordable housing within the City of Chicago.