Chicago’s home values are still 30 percent below their 2006 peak: report

Chicago housing values are undervalued, making it the only one out of 20 global cities with that distinction, according to a study reported by Crain’s. Home values in the area are still 30 percent below their 2006 peak, according to the Global Real Estate Bubble Index for 2017, published by UBS Wealth Management’s chief investment office, which blamed sluggish employment and lackluster economic and income growth. UBS expected price growth to continue to lag in future quarters. In comparison, three-quarters of cities in the UBS study are overvalued, with San Francisco the most overvalued city in the U.S. Housing in Boston and New York is deemed at fair value, the report said. [Crain’s]