Neighborhood in Park Forest, IL
Charnese Davis bought a house in Chicago’s Woodlawn neighborhood for herself and her three sons in November, knowing, she says, that several years into the future, it might still be worth only the $151,000 she paid for it.
In the six years since April Washington bought her house in south suburban Park Forest, its value has sunk by at least 35 percent, while her property taxes have gone up more than 70 percent.
And in Englewood, Mary Jo Hayden lives in the house her parents bought 52 years ago. It’s worth maybe $81,000, which she says is less than its value in 2008, when she took title to the property after her father’s death…Please click here to read Dennis Rodkin’s story in Crain’s Chicago Business.