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Home Prices are on the Decline- But, What About the Midwest? |
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| Written by Horizon Bank |
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We’ve all seen the news. “Home prices are on the decline…home prices are at a 20-year low.” However, what we don’t hear is that “Chicago land and the Midwest are stabilizing.” Is anyone aware that home prices in the Midwest, particularly in the Chicago land area, are not only stabilizing, but, actually, on the rise? Although, listening to mainstream media reports, the idea that property value is rising may be a bit of a shock. However, it’s true: the value of property is indeed on an incline. As noted in a Chicago Tribune Article, dated October 25, 2011, home prices rose for the fourth month in a row. While still 5.8% shy of last year, evidence suggests that prices are beginning to rebound. Now, mind you, values are not rising like they were years ago, but the good news is that we’re witnessing stabilization and a slight increase. In regard to the last four years, comparatively speaking, this is great news. So, are we out of the woods? Not entirely, however, when it comes to property values, it’s clear that the Midwest is, undoubtedly, faring far better than other parts of the country. Now, when the sensationalist media starts to pound on the drums of doom and gloom, remember where you live: the Midwest, where sometimes there’s a bit more sanity than other parts of the country.  Related Articles
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