Chicago's Prolonged Housing Pain
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.