Crain’s Chicago Business: Chicago’s Housing Market Struggles to Bounce Back 10 Years After the Recession

A new report for Crain’s shows that home values in 47 Chicago area ZIP codes were at least 20 percent below their December 2006 levels by the end of last year.

As Chicago’s housing market continues to bounce back from the recession, there are some neighborhoods that are lagging behind.

According to data compiled by the S&P CoreLogic Case-Shiller Home Prices Indices for Crain’s, home values in 47 Chicago are ZIP codes were at least 20 percent below their December 2006 levels at the end of last year. And in almost 30 percent of the region’s ZIP codes, the value of a single-family home was well below where it was a decade before.

The fact that homes in some neighborhoods aren’t bouncing back isn’t necessarily a bad thing—David Stiff, principal economist at CoreLogic, notes that houses in those neighborhoods were significantly overvalued before the recession. And some homes are rising in value. In fact, home values surpassed their 2006 levels in 20 Chicago area ZIP codes, with 13 of them being in the city.

In a statement written for Crain’s to accompany the data, Stiff says that if the momentum that home sales and prices increases have been seeing in the first few months of the year continues to be a trend throughout the rest of 2017, “it is reasonable to expect that Chicago markets close to their 2006 price levels will reach new peaks over the next few months.”

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