I just arrived in Chicago on vacation. My family and a bunch of my friends live here.
According to the OFHEO 3Q 2005 Report the 5 year price appreciation for homes in the Chicago area was 47% and the one year rate stood at 9%.
Is Chicago a bubble market?
More investigation to follow. :-)
Posts
David, according to an article at CNN business last evening see;
ReplyDeletehttp://money.cnn.com/2005/12/29/real_estate/buying_selling/handicapping_housing_markets/index.htm
Chicago is 21% overpriced- I would think that the windy city is in a bubble.
And David, hate to step on your vacation, but you might have a peak at this morning's post. There is an article on yesterday's NAR report that goes on to cite some examples of trapped DC-area sellers, including the president of NAR himself!! Too funny!
ReplyDeletehttp://www.washingtonpost.com/wp-dyn/content/article/2005/12/29/AR2005122901466.html?sub=AR
dc_too,
ReplyDeleteThanks. I posted the link as a new entry.
Hey David! GO enjoy your vacation. :) You crack me up. Posting on vaction.
ReplyDeleteCole @ The Boy in the Big Housing Bubble
Cole Kenny,
ReplyDeleteI may have a blogging addiction. Hmm. No more posts today.
David
ReplyDeleteHappy New Year- you have the best blog of all!
Enjoy the Windy City......
Peter
David-
ReplyDeleteNo! No! Don't stop posting!! I have been waiting for news of the Chicago housing crash! My house crash city of interest is Seattle but after a little bit of research I've come to the conclusion that Seattle is tanking big right after Chicago.
So PLEASE: anecdotal Chicago evidence??!! Anyone??!!
I don't think Chicago is in a bubble anymore than the rest of the country. The prices didn't double the last 5 years like in California, Nevada, Florida.
ReplyDeleteI think people in Chicago are smart enough to not allow 30% increase in houses prices YOY and they don't have the get rich quick mentality of the people in states mentioned above.