Chicago Real Estate Market News
In Chicago, falling property prices and home sales rise, foreclosures have continued to arrive even in the number of homes for sale in liquidation market. What is the housing market trends, as well as the Chicago real-estate news means that you want to buy or sell their homes a year?
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In Chicago, home sales increased by more than 71.6 percent, in November 2009 over a year earlier, said, the Illinois Association of Realtor s. Median housing prices in Chicago, but down 10.1 percent in the past year, according to Standard & Poor’s / Case - Schiller home price index. It depicts a healthy and Chicago, the recovery of the residential housing market is very mixed.
First, the Chicago real estate market to keep in mind that these figures are compared to same period last year, which means that they are more than a year earlier, which is when the recession hit hardest. Current housing market, existing-home sales in Chicago shows the trend of historically low levels and sellers are being held for the price of similar real estate bubble height. In Chicago, specifically, the influx of a number of apartment development is still the market with new properties. Thousands of homes or entering the foreclosure has been greatly reduced, as the short-term sales price listed in order to avoid foreclosure. All of this help promote the decline in home prices.
However, in the Chicago area in November new home sales double-digit growth for a significant increase in home sales, the fifth straight month. This is the end of the year push, partly because the original federal housing tax credits in November deadline. Therefore, the increase in sales of cleaning out the negative characteristics, which is the driving force behind falling house prices, stock the biggest.
“Until the confiscation of property through the system, we will not have the price rise, will match the sale of the road to recovery. Many people have seen the peak of foreclosures in 2010,” State of Economics Home Jeff Hewings, director of Regional Economics at the University of Illinois Applications Laboratory (actual). This spring, home sales rose together, it should be for home prices in Chicago in the first half of 2010, an increase of the road.
Other effects of the housing market trend is for continued low interest rates and federal housing tax credits, until April 30, 2010 be extended. The expansion of tax credits, including the current owners and one for the first time than the original purchase of high-income tax credit. Many people expect higher interest rates as soon as signs of recovery in the housing market is obvious, but may not until the second half of 2010.
Chicago real-estate news is that if these indicators are correct, regardless of price and sales growth in the beginning of the year will be part of it. However, most analysts agree, and the national housing market trends indicate that the residential housing market in Chicago, will gradually improve in the summer and autumn may be the third quarter of 2010 and the fourth quarterly.
The bottom line: The seller can expect the best prices in Chicago, the most in the first half of 2010, home buyers interested in April 30. Although it is still a buyer’s market, if you plan to sell in 2010 at any time, spring is the best opportunity. For home buyers, based on the Chicago real estate market trends, would like to see a new real estate wealth to enter the market earlier than usual this spring. This will increase the market choices and competition.