Chicago prices declined at only 60% of the national rate M/M
It was interesting to read the case schiller housing data released on Nov 29th which re-affirmed my belief that Chicago is unlikely to see significant price declines. Chicago month over month decrease was only .6% vs a national average of 1% this all with interest rates in the 6-7% range. While tech heavy areas which saw a stronger run up the last 2 years such as Denver fell 2% month over month and San Francisco a whopping 2.9% decline month over month.
There are deals out there to be had right now with sellers often more willing to negotiate and I expect if rates do drop prices will quickly spike upwards as more capital starts chasing deals. Closed for a client today a cashflow 4 unit in Brighton Park for $370,000 which once cosmetic rehab done should rent in the $4800 range.