September 07, 2010
 
 

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Is there a real estate bubble in Chicago?

It seems that the main focus for financial experts is on real estate prices, investments, and a real estate bubble. There is always debate whether the prices are going to remain stagnant, increase, or decrease over the next couple years. Although I believe that there is some legitimacy to some of the "bubble" arguments, I do not see the Chicagoland area being affected by any type of downturn in the housing market.

Although you perhaps have seen your home increase in value 20% or more over the past couple years, the Chicago market has maintained stable compared to other areas of the country, such as many cities in California, Boston, and Miami. Chicago has the luxury of a very diverse job market, that doesn't rely heavily on any one industry sector, such as technology, electronics, health care, energy, or finance.

But if you are concerned with a housing market collapse, keep in mind that you control the home that you live in, not the greed of a rogue company executive. Your home will never become obsolete, unusable, valueless, or sold for pennies on the stock market.

Here are a few links to bubble-related articles.

Chicago Realtor Magazine
Chicago Tribune
Real Estate Journal
CNN Money
The Nation
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