Real Estate News at a Glance

Chicago-area homeownership at 8-year low [chicagorealestatedaily.com]

Homeownership in the Chicago area has plummeted in the first quarter to its lowest level in almost 8 years, which has prompted the chairman of the Federal Deposit Insurance Corporation to express doubts about a rebound in homeownership. Sheila Barr has called for an overhaul in the nation’s housing policy and advocates a focus on affordable rental housing rather than encouraging homeownership.

The percentage of people who own their own homes fell to 67.4% in the first quarter, which has fallen from 69.0% in the fourth quarter according to a quarterly survey by the U.S. Census Bureau. Factors such as high unemployment, lower household incomes and the persisting trend of foreclosure activity may be at the route of the latest slump in homeownership. For more on this story visit chicagorealestatedaily.com.

Other Top Stories:

Luxury Condo Sales Picking Up [Chicago Condo Directory]

Flood Waters Frustrate Chicago Residents [WBKO]

Luxury Apartment Rentals Are Hot Again [rentedspaces.com]

Downtown office vacancy highest since 2005 [chicagorealestatedaily.com]

Chicago Condo Lifestyle: Proximity to the Best Perks [Magellan Realty LLC]

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