The Fall of Chicago's East Garfield Park

East Garfield Park, a community located on the west side of Chicago, is a prime example of an area that has seen a precipitous drop in home prices during the past year and a half. One home in the area has even seen a 94 percent drop in its selling price.

This particular home, a three-bedroom, two-bath condo located at 3522 W. Lexington St., was sold for $335,000 back in October 2007, when it was new. It now boasts a selling price of $19,900. The remarkable finding was recently highlighted by YoChicago, a real estate blog focused exclusively on the Chicago area.