Chicago Housing Bubble
Love this stuff, always a great economic indicator -
"Sales activity in the Chicago area reached a new record high, hitting 52,239 units for the first half of the year, the most since 2006 and 9% higher than during the first half of 2014, according to data from RE/MAX.
“We’re seeing a much more robust housing market this year than in 2014 and even 2013,” said Jim Merrion, regional director of the RE/MAX Northern Illinois real estate network.
“A combination of factors is at work – mortgage interest rates remain low, the economy is adding jobs at an encouraging rate and there’s a larger inventory of homes for sale,” Merrion continued.
Additionally, home values continued rising. The median sales price of a home in the metro area climbed 11% during the first half of 2015 when compared to the same period in 2014, coming in at $210,222. This is the highest median sales price recorded for the period since 2008"