Home sales are up in Chicago, but home values are still a long way from recovering to pre-crash levels -- almost 12 years at the current rate of increase. Crain's Chicago Business real estate reporter Dennis Rodkin joins us to discuss the local housing market and to help explain why Chicago's recovery is far slower than other major metropolitan areas.

Home sales for May this year were up 7 percent compared with the previous month. Statewide, the median sales price of a home was $187,000 in May according to RealtyTrac. The median sales price in Chicago was $277,000, a 13.5 percent increase since May 2013. Not all areas of the state are seeing recovery. Foreclosure trends show disparity in the state's counties.

View a graphic of foreclosure rates in Illinois.

--Source: RealtyTrac