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.
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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