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Chicago real estate prices have dropped the most in the US. A high commercial vacancy rate leading to higher taxes. Also one of the weakest residential markets in the US. Even had to cancel some tax breaks for mcmansion owners to make up lost tax revenue.
I have an agent that I keep in touch with who works in the North Shore area of Chicago. I'm always so surprised when he tells me how bad the real estate market is there. I've been to Chicago many times and I've always thought it was a great place to live although I'm completely ignorant of the economics of the area.
Of course you could also say it will remain even more affordable for buyers also.
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