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Chicago Home Equity Rates
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By Nick Rian
 Chicago-land home prices are steadily climbing right alongside the rising prime interest rate. But at least one economist predicts the rising market values won't stay around for long.
Homes sales in the metro area have slowly grown almost 500 points from the first to second quarter of 2006. 5,833 homes sold during the month of April and those figures climbed to 6,327 during the month of July.
As sales and interests rate climbed, so did home prices. The median home selling price during April checked in at $270,000. By July, the media home price had risen to $285,000.
"The typical housing unit is unlikely to decline in price by 20% in real dollars from its peak price in the next 3 years," says David Lereah, NAR's chief economist. "However, condos especially in the city itself are likely to fall by over 20% in real dollars within 3 years. Certain 'hot' neighborhoods that have experienced very strong price appreciation may fall more then 20% in real dollars."
In the big picture the higher interest rates have slowed sales but not prices, contrary to what the Federal Reserve usually expects when pushing interest rates higher. Higher interest rates usually fight inflation. In Chicago, the higher interest rates have pushed down sales, but allowed property values to rise.
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