Need news in a flash? Here’s what’s happening in your community
Chicago’s home market is weaker than it should be and trending down, according to Freddie Mac’s Multi-Indicator Market Index, which measures a metro’s mortgage status, home payment-to-income and employment.
Zumper recently examined May’s median rent prices of one-bedroom homes in Chicago this summer, finding prices of one-bedroom units in Chicago decreased 4.4 percent year-over-year, while two-bedroom units increased a slight 0.8 percent.
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Chicago homeowners continue to experience lower home appraisals than they expect, and the gap has grown on an annual basis, according to the Quicken Loans Home Price Perception Index (HPPI).
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