Homeowners in the Chicagoland area may have noticed that home values around them are on the decline. After a steady climb in value over the past few years, it appears that the combination of high home prices, increasing mortgage rates and real estate taxes that continue to soar has caught up with the local market.
Recent data, provided by a group called Illinois Realtors, indicate “Sales of homes in Chicago were down 16.6 percent in September from a year earlier,” according to an article published by Crain’s Chicago Business. In fact, Chicago area home owners haven’t seen a decline this steep since May 2011. Disappointing news, especially considering the national figure only slide of 3.4 percent.
However, Dennis Rodkin also reports in the article that local experts warn against jumping to any conclusions about the long term projections. One expert stating “it is difficult to extract any trend from one month’s data and it will require more monitoring in the months ahead to determine longer-term market impacts.”
Read the entire article.