Chicago suburbs emerge from housing recession - | KTBC Fox 7 | News, Weather, Sports

Chicago suburbs emerge from housing recession

Posted: Updated:
CHICAGO (FOX 32 News) -

The numbers show at least parts of the Chicago area are starting to emerge from the housing recession. FOX 32 News checked out homes in west suburban Elmwood Park on Thursday.

Home values in Cook County are definitely going up. It's great news for the city in general, and a surprise to some. But it's not surprising to the people who live in the town of Elmwood Park. The community saw a 17 percent increase in home values.

Village President Skip Saviano and Village Trustee Jonathan Zivojnovic spoke with FOX 32 News Thursday morning about what their village has to offer. Saviano said Elmwood Park has seen cycles of families move in and out time and time again, and it's happening again.

"Because of that, there's a high demand for homes, which increases our prices," Saviano told FOX 32 News. "Traditionally we've had a stable housing market and you could guarantee appreciation in your property in the long haul."

Saviano said Elmwood Park is experiencing it right now.

"That's why we're experiencing all new opportunities in redevelopment for our North and Harlem areas because of the demographics. It's an ever changing thing," Saviano said. "We have Italians, we have Polish, we have Latinos. It's a good demographic for retailers. Our schools are good - we have good public and private schools. We're very marketable overall."

Saviano said classroom expansion goes hand-in-hand with single families moving in.

"We're very fortunate with our schools, our middle school and grade school, because of the new demand with all the new kids we have," Saviano said. "They are undertaking a capital program to add classrooms, which is exciting because it adds to our population and our demographic, which eventually helps with our tax revenues for our redevelopment opportunities on Grand Avenue and Harlem Avenue. We're looking forward to that."

Follow Us!

Share Your Photos & Video

Powered by WorldNow

119 East 10th Street
Austin, TX 78701

Phone: (512) 476-7777
Fax: (512) 495-7001

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices