Jan 15, 08 by Bill Ness
A recent article in the Chicago Tribune made some predictions for the housing market in 2008. They are telling us to expect more of the same. Fortunately, the Chicago market seemed to have been spared from the worst of the housing slump. According to the most recent report from the Illinois Association of Realtors, housing prices in the Chicago metro area were up 0.8 percent from a year ago to a median price of $247,000. Unfortunately, the rest of the state didn't fare as well, reporting a 3 percent decline in home prices.
Read More
Jan 14, 08 by Bill Ness
Let's face it, the media isn't exactly painting a rosy picture of the real estate market right now and that is scaring a lot of people. While some real estate professionals might argue that now is a great time to buy because prices have corrected and there are some great deals in the market, others argue that prices could shift even further, and they could find themselves buying a home that might go down further in value. After all, many of the people who listened to the so called "real estate experts" who told them to buy in the spring of 2007 when prices were a steal, are not too pleased that the home they bought less than a year ago is not worth what they paid for it.
Read More
Dec 4, 07 by Bill Ness
The most recent S&P/Case-Shiller® U.S. National Home Price Index released on Tuesday shows a record annual decline in the 3rd quarter of 2007. The Index shows an overall decline of 4.5 percent in the last year. Chicago fared better than most of the country with a decline of only 2.5 percent. The news is not surprising to many who have been following the real estate market.
Is there a bright spot in the real estate doom and gloom stories of late? That depends who you ask. The Index calculates real estate values in 20 different regions of the country, but there are certain segments that are excluded from the calculations.
Read More
Map Search