Summer slowdown in Illinois housing market; job growth must improve

Home-buying delays are expected with the withdrawal of the tax credit incentive, says University of Illinois economist Dr. Geoffrey Hewings in a housing outlook video series recorded earlier this month on campus at the Regional Economics Applications Laboratory (REAL) headquarters in Urbana.

People have become more risk-averse, we’re saving more and being very cautious about big-ticket purchases. This mood, says Hewings, “will probably continue at least for another six to nine months until we get some strong signals from the economy that it’s going to turn around.”

More muted job growth is expected for the next two quarters with the relationship between jobs and home sales stronger than we’ve seen in the past.

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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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