Tuesday, October 9, 2012

Illinois Residents Optimistic about Housing Market

According to Crain’s, more than one-third of Illinois residents feel that the Illinois and Chicago real estate market is in a state of recovery. Crain's also reported that most Illinois residents feel that the recent decline in home value isn't negatively impacting their lives. More than 12 percent of Illinois residents also stated that they used low home and mortage prices to their advantage.

Chicago-area home sales rose 28.5 percent in August, which is the largest increase since 2007 and perhaps some of the reason for homeowners' optimism.

While the price of Chicago homes have risen in recent months, they still have not reached 2006 levels. However, only 19 percent of survey respondents feel that the housing market has deteriorated completely and the majority remain hopeful that prices and sales will pick up as we head into 2013.

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