Photo: Rob Wile/Business Insider
Some believe the housing market is recovering.But we should really be talking about housing markets.
While some cities are booming, other cities are showing signs of weakening.
According to Case-Shiller, the city with the worst 2012 has been Chicago.
Yesterday we learned the city has now seen at least two consecutive monthly declines.
Chicago’s October foreclosure rate increased 3.6 per cent from September and 18.6 per cent from the same period one year ago, according to the Chicago Tribune’s Mary-Ellen Podmolik.
What’s going on here?
We took a tour of Ashburn, a working-class neighbourhood on the city’s southwest side, to get a ground-level view of what’s happening.
Ashburn boasts the city’s highest foreclosure rate — 1 in 137 units is seeing bank action, according to RealtyTrac.
That’s higher than parts of Southern California.
If you want to see the best case for why housing has not recovered, read on.