The Federal Reserve’s latest rate hike means higher potential costs for things like credit card payments, bank loans and mortgages.Thanks to our sponsors:
Sales are now down about 8% from a peak in June — and some economists say they could plummet by as much as 20%.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.
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The Luxury Home Market Posts Its Biggest Decline in a Decade. ‘It’s Like Crickets.’In the three months ending Aug. 31, sales of luxury homes dropped 28.1% from the same period last year, marking the biggest decline since at least 2012. The drop eclipses even the 23.3% decrease recorded during the onslaught of Covid. Good We all see you posting pictures of beautiful homes, selling for millions and millions of dollars. And, it feels like the upper classes shoving our face into the dirt and putting their foot on our necks to keep it there. Vulgar displays of wealth and excess? Are OUT of fashion. another Biden economy success story
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