Quote of the day: "A new reality"

Chicago homeowners will have to get used to a new reality, where selling a house routinely takes six months or more and home appreciation just barely outpaces inflation.

– From a a Crain’s Chicago Business article projecting tough times ahead for the next three years. Fiserv predicts Chicago home values to fall by 5.7 percent from 3Q 2009 to 3Q ’10. Existing home sales eventually will recover to around 95,000 units in 2013, a level roughly 39 percent below the 2005 peak, according to the article.

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