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.
At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.