Stagnant Sales Hamper Chicago's Revitalization Efforts
Since the significant attrition in home values started in late 2007, Chicago remains one of the hardest-hit cities that are struggling to recuperate.
To the extent that the program is working, Mary Ellen Podmolik of the Chicago Tribune reports that developers now resort to offering $10,000 incentives to help assist potential buyers with expenses.
Podmolik asks: "Is the limited success of the homes a function of the horrible housing market or the mixed-income neighborhood and the potentially safer financial investments elsewhere?".
Plan for Transformation is a brainchild of former Mayor of Chicago Richard Daley.