Most of the area south of Congress Parkway and east of the Chicago River, possibly excepting Printer's Row, is referred to as the South Loop. The more restrictively-defined area includes River City, the northern half of Dearborn Park, and portions of State Street, Wabash Avenue, and Michigan Avenue. The more generous definitions would include the Central Station development, Dearborn Park II, the Prairie District, and even the northern growth of Chinatown. In 2006, the Prairie District Neighborhood Alliance, a 501(c)(3) non-profit organization was formed to provide representation for thousands of South Loop residents.

In 1993, Mayor Daley moved from the neighborhood he grew up in (Bridgeport) to the South Loop, serving as the symbolic start of what would become a major housing explosion.
Commercial and industrial buildings are being converted to fashionable lofts and it seems like a new high-rise is erected every day.

South Loop is zoned to the following Chicago Public Schools: South Loop School and Phillips Academy High School. Jones College Prep High School, which is a selective enrollment magnet school drawing students from the entire city, is also located in the South Loop.

If you understand the potential pitfalls of purchasing a distressed property - and work with an agent who has a thorough knowledge of the market - you can get a great home at a great price.

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The transaction process for short sales or foreclosures often takes longer than for traditional transactions. It's sometimes not clear which lending institution actually owns a mortgage loan, and it can take time to get it all sorted out – especially if there's a second mortgage involved, which is often the case. It's no surprise that buyers are looking for a bargain - but now, even more people are showing interest in the growing foreclosure market. According to Trulia.com and RealtyTrac, a recent survey shows that 55 percent of U.S. adults are at least somewhat likely to consider a foreclosed home when buying real estate. That's nearly a 10 percent increase from November 2008.