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.

October 29, 2013, 11am PDT | Jonathan Nettler | @nettsj

"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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Where the housing recovery is only a faint hope

Published on Monday, October 28, 2013 in Crain's Chicago Business