The
past five years have seen fair nominal price growth resulting in moderate real price gains. During this period, the Chicago mortgage-debt-to-income ratio has remained relatively steady, despite a national increase, indicating there should be little to no concern about an Chicago market bubble. Despite this fact, 2006 finished with the first real price drop since 1996 and the largest real price drop since 1982. Due to the negative local consumer sentiment due in part to national psychology nominal prices are expected to stagnate short term before returning to a long term growth phase.
SEE PRIOR CHICAGO PEAKS & TROUGHS Next >
|
Year |
|
|
|
|
Chicago
Mortgage-Debt-to-Income Ratio |
National
Mortgage-Debt-to-Income Ratio |
2001 |
$189,100 |
6.9% |
$214,500 |
4.2% |
18.0% |
17.8% |
2002 |
$202,400 |
7.0% |
$223,800 |
4.3% |
17.7% |
17.5% |
2003 |
$217,800 |
7.6% |
$236,400 |
5.7% |
18.4% |
18.3% |
2004 |
$239,400 |
9.9% |
$253,500 |
7.2% |
19.4% |
19.6% |
2005 |
$265,800 |
11.0% |
$273,800 |
8.0% |
21.9% |
22.6% |
2006 |
$268,100 |
0.9% |
$268,100 |
-2.1% |
21.0% |
21.7% |
|
