Yes indeed. And surprisingly, the Chicago Tribune made this title their headline on page 1 of today’s paper. We all knew it was coming eventually, and most of us Realtors® who are busy analyzing property values day-in and day-out, had an incling that property values, while not exactly on a steep decline, were stagnating at best, as evidenced by longer market times.
Seller’s, don’t despair though. In Chicago, we have not seen a total collapse of property values within at least the last thirty years. It’s all just a market correction, imho.