Let’s say you were a conservative, responsible homebuyer back in 2006, and made what, by all accounts, would be considered a conservative, responsible down payment of 20%. Since then, the average home price across Chicagoland has fallen by more than 30%, according to conservative estimates. Conservatively, that means a lot of homeowners in Chicago are “underwater,” i.e. the balance of their mortgage is greater than the equity in their home.
What do you expect as either a buyer or seller? Read the full article in my June Newsletter (view as pdf online).