Housing recovery lags other big metro areas

Of the nation’s ten largest metro areas, Chicago has the smallest share of homes that have recovered to their pre-recession peak values. The culprit: Chicago’s slow growth in three inter-connected spheres—jobs, income and population—relative to the other big cities.

Just 7.6 percent of the homes in Chicago area had met or exceeded their old peak value by the beginning of March, according to report released this morning from Trulia, a real estate information site. Of the big cities, second after Chicago is Miami, with 10.8 percent of homes fully recovered. Dallas has the most recovered homes, 92.5 percent.

Nationwide, 34.2 percent of all homes, or almost five times the share of Chicago homes, have surpassed their old peak values. The Trulia report includes both houses and attached housing, such as condos and townhouses.

Of the nation’s ten largest metro areas, Chicago has the smallest share of homes that have recovered to their pre-recession peak values. The culprit: Chicago’s slow growth in three inter-connected spheres—jobs, income and population—relative to the other big cities. Just 7.6 percent of the homes in Chicago area had met or exceeded their old peak value by the beginning of March, according to report released this morning from Trulia, a real estate information site. Of the big cities, second after Chicago is Miami, with 10.8 percent of homes fully recovered.

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