It does seem to be holding relativley steady in the Chicago area. I have been doing a lot of looking and have been pleasantly surprised at what I have found. I have been using this great site looking at Chicago property and have found it useful at seeing what the area has to offer.
It shows how well Chicago is handling this all.
I really do not think that the prices of homes will drop that much like the prices of stocks are dropping do to the fact that there is a cost to build a home. As prices rise and the cost to revuild or replicate a home goes up, properties will maintain their values. Especially in the Chicago market where even vacant land has a hefty price tag.
I don't think the prices of homes in the Chicagoland will fall further down because the area is holding its own. In order for it fall, the area has to go down as well. Chicago is making progress and still constructing buildings and homes, just not as much as before. Hopefully, Chicago can hold on for a little bit longer. We didn't inflate our lands too much.
Commenting by HaloScan
