Here in my hometown of Chicago, we’re as confused about the presence of froth as much as any one else: cbs2chicago.com – Analysts: Chicago Home Prices On The Rise.
(Medill News Service) CHICAGO Is there a housing bubble? Are Chicago homes over-valued? Or under-valued? Are prices rising so high that people are in danger of being squeezed out of the housing market?
The answer is yes, depending on whom you ask.
Economists, realtors and lenders are weighing in on the issue, and they are reaching different conclusions. But they all agree that Chicago home prices are increasing and taking a larger chunk of residents’ incomes as they rise.
The issue has strong economic implications, some say.
"Since 9/11, the driving force of this economy has been real estate," said Tracey Taylor, who runs T. L. Taylor Realty on the Near South Side. "When you have this strong of a force, it grabs the attention of the world."