As Interest Rates Rise, What’s In Store for Chicago’s Real Estate Market?
The Federal Reserve’s latest rate hike means higher potential costs for things like credit card payments, bank loans and mortgages.
In fact, there are growing fears that housing prices in Chicago and across the country could crash.
Sales are now down about 8% from a peak in June — and some economists say they could plummet by as much as 20%.
Is it a buyer’s market? A seller’s market, or simply a bear market?
Joining “Chicago Tonight” to discuss the latest real estate trends in the area are Geoff Smith, executive director of DePaul University’s Institute of Housing Studies, Ainhoa Garcia, vice president of the National Association of Hispanic Real Estate Professionals’ Chicago chapter, and Dennis Rodkin, residential real estate reporter at Crain’s Chicago Business.