Chicago Realtors Uncertain About Housing Rebound

Singer R. Kelly's former Chicago home hits the blockOver the past couple of weeks, the trickle of negative housing news hasn't come to a halt in the Chicago-area. In the post-tax-credit world, Chicago realty agents are expressing uncertainty about the near future of the housing market.

They cite a volume of inventory that is largely outweighing demand in many parts of the city, reports the Chicago Tribune, and the agents say that the only way to reduce this is for sellers to continue dropping prices. Another worry is a predicted rise in the number of foreclosure listings.

Speaking of which, one foreclosure broke a record this week in Chicago as being the "highest," according to Well, not in terms of money, but because it's located on the 59th floor of a downtown high rise.

But not every residential property is faring as terribly, especially homes with celebrity tie-ins.
According to Forbes, President Barack Obama's Kenwood mansion has endured "minimal" devaluations throughout the downturn, due to renovations and the neighboring land purchase from convicted felon Tony Rezko. Though celebrity ties aren't always a foolproof remedy to the housing doldrums. The Chicago Sun-Times reports that R. Kelly's former Chicago home -- where he was accused of doing illicit things with an underage girl -- has hit the market (with considerable renovations) priced at $3.89 million. After Kelly's 2008 acquittal on child pornography charges, the property sold for $1 million, a far-cry from the new owner's current list price.

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