The Windy City isn’t doing so well in its housing market recovery, writes Lance Ramella, a housing analyst for John Burns Real Estate Consulting.
Construction volume is 80 percent below peak in Chicago, compared to 60 percent below peak nationally.
“One reason is that Chicago had a higher percentage of highly leveraged private builders who were unable to weather the recession (17 of the top 28 builders in 2005 no longer exist or left the market),” Ramella writes. “But we believe there is another reason, too: property tax fear.”
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