Home Prices May Be Rising In Cities But Many Suburbs Are Still Struggling

In desirable cities across America, home prices are well on their way back to pre-bust levels. But in areas like Chicago's southern suburbs, prices are down more than 40 percent from recent highs, and approaching were they were twenty years ago.

"Across a swath of suburban Chicago, many longtime homeowners' biggest asset has become dead money," reports Abraham Tekippe. "While an index of Chicago-area single-family home prices is continuing to climb since bottoming out last year, data from research firm CoreLogic Case-Shiller show that prices in some south suburbs have dropped to where they were in 1992, when a gallon of regular gas cost $1.15 and a year of in-state tuition at the University of Illinois at Urbana-Champaign was $2,486."

“'We're like in some kind of a time warp here in the south suburbs,' says Janice Minton-Kutz, a broker associate at Coldwell Banker Residential Brokerage with several listings in the area. 'It's really sad.'”

Full Story: Where the housing recovery is only a faint hope

Comments

Prepare for the AICP* Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $245
AICP CTP Storefont Display

The first online AICP* CTP exam prep class

Are you ready to take the AICP* Certified Transportation Planner exam?
Priced at $245 for May exam!
T-shirt with map of Chicago

Show your city pride

Men's Ultrasoft CityFabric© tees. Six cities available.
$23.00
Red necktie with map of Boston

Tie one on to celebrate your city

Choose from over 20 styles of neckties imprinted with detailed city or transit maps.
$44.95