A recent article in Crains Chicago reported that area home prices have not fallen as much as other markets and many communities are experience affordability levels equivalent to prices in 1993. With prices retracting and interest rates at record low levels, with inflation, home prices are affordable....believe it or not. You may have noticed that house down the street or that condo down the hall seems much more affordable than before. Well, buyers seem to be agreeing and showing activity has increased markedly over the past few months.
Some markets are predicted to experience further price adjustments downward of an additional 10-15% before inventory levels and price balance out. If interest rates remain low however, then pricing may level off sooner.
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