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.'”
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