By how much is your Chicago-area home undervalued? At the end of the first quarter of 2009, homes here were undervalued by 13.2 percent, according to IHS Global Insight Real Estate Service. Three years earlier, the company identified the Chicago market as overvalued by 13.8 percent. Both figures fall within the range of normalcy, says Jeannine Cataldi, a senior economist at IHS. “Chicago prices didn’t hit the extreme highs, and this low isn’t extreme, either,” she says. By contrast, Miami, once overvalued by 50.7 percent, is now undervalued by 21.1 percent, Cataldi notes. The second-quarter report from IHS is due out in mid-September; look for those results in Deal Estate: The Blog.