Thursday, April 27, 2017

Decline and fall: Most Chicago neighborhood property values still below pre-crash peaks

View from an abandoned
Chicago home
Decades of corruption and sheer government incompetence are finally giving the Chicago area what it so richly deserves.

From the Chicago Tribune:
Housing prices in the Near West Side, Logan Square and a handful of other popular areas north of downtown are now well above their pre-crash peaks, but most of the city and the suburbs are still clawing their way back from the depths of the devastating crash, according to a new report.

Many areas in the southern part of the city still have average prices more than 45 percent below their 2006 peaks, although they are slowly beginning to recover, according to the analysis of year-end 2016 single-family home prices released Wednesday by Geoff Smith, executive director of the DePaul Institute for Housing Studies. The only areas that have recovered fully are the Near West Side, Logan Square, Lincoln Square/North Center and Lakeview/Lincoln Park.
That's just four of Chicago's 77 officially designated neighborhoods.

Decline and fall.

Even among the suburbs that typically have been in demand, the recovery is not complete 10 years after the start of the housing crash. Housing prices in the Evanston/Skokie area are still down 17.7 percent from the 2006 peak, while Palatine/Barrington is down 14.9 percent, Oak Park/Cicero is down 18.6 percent, Winnetka/Northbrook is down 8.4 percent, and Schaumburg is down 9.6 percent.

The median home price in the Cook County suburbs is still down 18.6 percent from the housing peak. The median home price in the city remains 23.4 percent lower, the institute's Cook County House Price Index found.
Cook County--and the rest of Illinois--is losing population. Decent people are leaving, following the lead of former North Shore Chicago Republican politician Roger Keats who famously declared when he moved to Texas after 60 years in Illinois, "We live in the most corrupt big city, in the most corrupt big county in the most corrupt state in America. I am sick and tired of subsidizing crooks."

Detroit says Chicago's place at the head table of failure is ready.

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