Chicago One of Slowest Metros in US to Recover

Chicago

October 2003 stands out in Chicagoans’ memory for the Cubs’ infamous collapse one game shy of the World Series. Now there’s another reason to curse that month: Nearly 13 years later, local home values are about the same as they were at the time of that Cubs crash.

An index of Chicago-area single-family home values was at the same level in March as in October 2003, according to the S&P/Case-Shiller Indices released this week.

Though the Chicago residential market is recovering from the bust, Case-Shiller data show it’s coming back much more slowly than other metropolitan areas: Of the 20 major U.S. cities Case-Shiller tracks, only two are trapped further back in time: Detroit, whose price index is at February 2001 levels, and Cleveland, at February 2003.

Over the years since the bust, Chicago has struggled with a logjam of thousands of slow-to-sell new condos, a heavy load of foreclosures, higher-than-average unemployment and other factors as other cities moved forward.

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Authored By Dennis Rodkin
See the Full Story at the Chicago Real Estate Daily

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