Illinois housing market forecast

University of Illinois Economist Geoff Hewings

University of Illinois Economist Geoff Hewings

The Illinois Association of REALTORS® released its 1Q10 Housing Report today showing a sizeable jump in home sales compared to the first quarter of 2009 (up 23.5% statewide, 36.7% in the Chicagoland PMSA, and 41.6% in the city of Chicago).

The increases are largely credited to the homebuyer tax credit incentive and buyer market conditions with low mortgage interest rates and more affordable prices. Looking ahead, sales are expected to remain strong through June, however home prices continue to be affected by foreclosures and short sales.

Listen to University of Illinois economist Dr. Geoff Hewings’ audio podcast for the forecast through June. Says Hewings: “There is increasing evidence that the housing market is stabilizing; in many parts of the country, sales have increased but prices remain stubborn. In places where there have been increases, they are modest. There is no doubt that the downward pressure on prices can be traced to the volume of distressed properties on the market.”

(Photo by L. Brian Stauffer, University of Illinois at Urbana-Champaign)
This entry was posted in Housing Market and tagged , , by Ann Londrigan. Bookmark the permalink.

About Ann Londrigan

Ann Londrigan is Director of Association Outreach and Marketing for the Illinois Association of REALTORS®. She is responsible for increasing member engagement in and awareness for IAR Governmental Affairs and the RVOICE program as well as increasing participation in the REALTORS® Political Action Committee. She is responsible for overall marketing plans for IAR member benefits, educational products and events and is the content manager for IAR’s Facebook page and LinkedIn discussion group. She manages the IAR Welcome Center, serves as staff liaison to the University of Illinois Regional Economics Applications Laboratory, and coordinates the IAR housing stats program.

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