Chicago: no boom means no bust?

“The result of this succession of booms, in so many places has been a massive increase in national home prices over a period of nearly a decade. The boom was tempered somewhat by the fact that some cities never experienced booms. In Atlanta, Charlotte, Chicago, Cleveland, Dallas and Detroit there was no year since 1998 in which real home prices increased by 10% in a year, though even those cities showed some increases.”

— Yale economist Robert J. Shiller, in a paper entitled Understanding Recent Trends in House Prices and Home Ownership (pdf file), delivered at a recent conference sponsored by the Federal Reserve Bank of Kansas City.

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