2009/02/Housing Shows Signs Of Life But Real

IN THE NEWS (Medill Reports – Chicago, Northwestern University): A few real estate agents who have seen a surge in demand over the past couple of months, especially in the suburban regions around Chicago, aren’t surprised with the NAR report.

“There was a property in McHenry that was going for $396,000 in 2006. Now it’s going for $240,000,” said Scott Epstein, the owner of Chicago-based IllinoisRealEstate.com, a subsidiary of Realty Resources LLC. “It’s a similar story in Plainfield – a property went from $365,000 in 2005 to $235,000 now.

“But the city of Chicago market has been more stagnant compared to some of the suburban areas,” he said.

Epstein’s comments are in line with the quarterly Zillow.com Home Value Index report, also released Tuesday, which showed a clear difference between home value changes in the city of Chicago compared with area suburbs.

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