There are close to 60 different zip codes in the Chicagoland area, and thanks to Fiserv – the same company behind Standard & Poor’s titanic Case-Shiller Index – we have new and intriguing information on housing prices in Chicago that is all based on the city’s respective zip codes.
For instance, how is 60614 doing, the ZIP code that contains Lincoln Park and the Chicago Agent office? Since 2006, prices have fallen in that area by 13.9 percent, the smallest drop in the city. But what about 60629, which includes West Lawn? There, prices have had the biggest drop, falling a whopping 59.6 percent since 2006.
But not all ZIP codes fared poorly. 60625, which includes Glenview rose 0.4 percent through the end of June. An interactive map with more ZIP code information can be viewed here.
The Fiserv research, said the company’s chief economist, David Stiff, highlights what many already knew – that Chicago, like many metropolitan areas, is stuck in a double dip for home prices.
“We expected it would happen when the homebuyer tax credits expired last summer,” he said.
What makes Chicago unique, though, is the added pressure that mortgage fraud, home flipping and back taxes/lien charges are having on particularly distressed areas. Stories abound of fantastically-priced homes that Realtors are unable to sell because of such overhang. Aaron Taylor, a Realtor with Jameson Sotheby’s International Realty, has been having difficulties selling a distressed two-flat on Ellis Avenue in Grand Crossing because of complicated water lien charges. What is Taylor’s asking price? $3,500.