Long gone are the underwater mortgage days Rockford, Ill., whose mayor is explaining how the Midwestern city is now the top real estate market in the country.
With a lot of hard work and a little TLC, this quintessential American town has turned its real estate story around. Now, the mayor is opening up on how Rockford, Illinois, is currently the No. 1 housing market. "This really took a team effort," Rockford Mayor Tom McNamara said in an exclusive, first on FOX Business interview during "The Claman Countdown" Wednesday. "So we pulled together experts throughout our city, and we listened to what they had to say.
Nearly one-third of homes in Rockford back then were worth less money than what was owed on them. Then this March, the median home price in Rockford reportedly soared to $235,000, up 51.7% from the previous year and marking the largest gain of any metro area on the list, according to The Wall Street Journal. When Mayor McNamara took office in 2017, he shepherded much-needed legislative and community changes, like cutting property taxes by 37%.
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