Clear Capital recently came out with their 2nd half housing market forecast for the major metropolitan areas and the greater Chicago area is expected to have the 4th worst home price declines in the nation. Their forecast calls for a further 5.3% decline in home prices, on top of a 3.6% decline in the first half of 2011. Geez, how much worse can it get?
Forecasts are like opinions...everyone has one but these Clear Capital guys at least seem to be tracking home prices the right way - based upon repeat sales of individual homes. It will be interesting to see how this plays out since home inventories do seem to be tightening.