After a few years of minor increases in home prices, the Chicago-area housing market is suddenly seeing double-digit growth, largely thanks to super-low interest rates on mortgages.

“It’s interest rates that are doing this,” said Erika Villegas, an agent with ReMax in the Village, based in Oak Brook. In August, interest rates dropped below three percent for the first time since mortgage giant Freddie Mac started keeping track in 1971.

One result is that buyers find they can afford more, and “feel secure bidding higher,” Villegas said. In recent weeks, she’s been involved with at least three homes sales that closed higher than asking price… Click Here to Continue Reading