Chicago housing market begins to stabilize, reports BMO Capital Markets Economics
BMO Capital Markets Economics released The State Monitor report on June 18, showing a moderate turnaround for the Illinois state economy and the early stages of a housing market stabilization.
The report analyzes economic status through an analysis of exports and manufacturing, the labor market, real estate and the business sector.
The report finds that while housing prices “remain under pressure,” the housing market has begun to stabilize. Prices for homes in Chicago hit a record low in February, which the S&P/CaseShiller Index showed were down almost 7 percent from the same period last year. The rate of foreclosures was at a cycle-high of 7.5 percent in the first quarter, but the number of new foreclosures has stabilized.
On the business side of things, both industrial and office availability rates are reported as currently remaining elevated, but have been trending lower over the past year.
Chicago’s central business district is known as the Loop, lined with skyscrapers and peppered with suits and briefcases. If looking for homes for sale in Chicago and wishing to live in an area adjacent to the crux of business activity, prospective homebuyers can look to the nearby River North neighborhood just across the Chicago river from the heart of the Loop.
River North is also home to two of Chicago’s most recognizable apartment buildings - Marina City’s twin 60-story towers, commonly referred to as the “Corncob” buildings by many Chicagoans. These towers are located on State Street, with their architectural shape resembling cobs of corn.