Chicago's Prolonged Housing Pain

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Reports say NBA star LeBron James is not buying in Chicago In March, home sales bounced in many U.S. cities as the expiring federal tax credit propped up the number of sales. But in Chicago the notion that the nation is on the cusp of a buoyant housing rebound is yet to be seen.

Bad signs abound: Many homes are selling for less than what was paid for them; flat-lining prices are predicted for the near future; there's a rise in short-term condo rentals and in foreclosure suits slapped on the wealthy.

And don't get too excited about star power moving to Chicago. Rumors about the NBA's LeBron James house-hunting with Michael Jordan in Highland Park reportedly are just that.
For better or worse, here are the headlines that are getting a second glance in Chicago:

  • Study says 40 percent of Chicago homes sold for less than sellers paid in March, and Zillow.com's chief economist predicts "negligible appreciation" for three to five years following the real estate bottom. [Chicago Tribune]
  • Mortgage defaults climb to their highest point in six months. [Chicago Tribune]
  • Two foreclosure suits hit one of Chicago's priciest blocks, North Burling Street. [Chicago Crain's Business]
  • Chicago homeowners renting condos for the short-term--despite the hassle-- is on the rise [Chicagomag.com]
  • There's no evidence to prove that the Cleveland Cavaliers' LeBron James is house-hunting in the Windy City. [Chicago Tribune]

See homes for sale in Chicagoand elsewhere at AOL Real Estate.
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