Some believe the housing market is recovering.
But we should really be talking about housing markets.
While some cities are booming, other cities are showing signs of weakening.
According to Case-Shiller, the city with the worst 2012 has been Chicago.
Yesterday we learned the city has now seen at least two consecutive monthly declines.
Chicago's October foreclosure rate increased 3.6 percent from September and 18.6 percent from the same period one year ago, according to the Chicago Tribune's Mary-Ellen Podmolik.
What's going on here?
We took a tour of Ashburn, a working-class neighborhood on the city's southwest side, to get a ground-level view of what's happening.
Ashburn boasts the city's highest foreclosure rate — 1 in 137 units is seeing bank action, according to RealtyTrac.
That's higher than parts of Southern California.
If you want to see the best case for why housing has not recovered, read on.
Ashburn is on the southwest side of the city. It was the site of the city's first-ever airport.
The largest private employer in the area is Kraft, which now runs this Nabisco baked goods factory.
When you get to Ashburn you don't see a Sunbelt-style ghost town, but rather a lower-middle-class enclave trying to hold on.
See the rest of the story at Business Insider
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