Categorized | Residential

Chicago Housing Market in Very Fragile State

Please Share!

As the residential real estate markets throughout the United States start to show signs of life, the market in Chicago is as fragile as ever. The city is still overwhelmed with foreclosures, vacant homes, and underwater mortgages. The abundance of these distressed properties have caused housing prices to sink continuously over last few months.

 

Home prices in Chicago have fallen far greater than the rest of the nation during the recession. Because homes typically stay in the foreclosure pipeline longer in Chicago, the city will likely remain in a depressed state for far longer than other areas of the United States.

 

The Obama administration has taken notice of the difficulties faced in the Chicago housing market, and as such, is planning an event to provide necessary help for homeowners in the city.

 

For many homeowners in the Chicago area, it is difficult to be hopeful knowing the history of the Chicago residential real estate market throughout the last decade. There is no clear indication as to when the market will improve. With more foreclosures to be processed in the coming months, it may be quite some time before any kind of price increase is seen in the market.

 

Other major metropolitan areas in the United States have fared far better than Chicago has in recent months. Other Midwestern cities such as Indianapolis are starting to show signs of life. On the East Coast, the housing market has been on the rise since the start of the first quarter. Economists fear that if something is not done to help Chicago soon, it could be a long time before the market shows any true signs of recovery.

Please Share!

About James Pattric

James writes for the Residential category (along with Josh Johnson) and also heads up the Resources category.

Leave a Reply

Twitter Chat