SUMMARY    HISTORY    PEAKS & TROUGHS    FORECASTS

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The Chicago housing market experienced a surprising slowdown in the fourth quarter and has actually posted negative real returns over the past 12 months (rolling year). Fortunately, Chicago avoided the unbridled exuberance seen in many coastal markets, but national market psychology appears to have played a role in increased inventories and depressed prices. However, while further sales declines are likely, price declines of any dramatic fashion are unlikely as the mortgage debt servicing cost has remained steady and near the historical average.

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This ratio compares the monthly mortgage payment (principal & interest only, which does not include hazard insurance, property taxes or any needed private mortgage insurance) for a median priced home financed at the prevailing 30 year mortgage rate to the local median 4-person family income.