We Value Bloomington-Normal

“Illinois defied the national trend for the third time in the last six months by adding 4,000 jobs in May, registering a 0.35 percent growth in jobs in the last 12 months,” said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois, in his June 2008 Illinois Housing Price Forecast (pdf).

"U.S. consumers seem to be cutting consumption of gasoline and also being more careful in shopping for necessities; the longer-term impact of the tax rebates is unclear. The employment declines in the U.S. [in May] generated further concern that the economy was in recession; the Reuters/University of Michigan preliminary index of consumer sentiment fell to 56.7 in June, a reading unseen since 1980, from 59.8 in May."

• For the next three months, the sales forecasts continue to suggest declines in the 17-24% range for Illinois and 23-29% for Chicago for the months of June, July and August compared to the same months one year ago. 
• The month-to-month forecasts indicate gains of 9-14% for Illinois and 11-15% for Chicago but then declines of between 6-10% for Illinois and 7-10% for Chicago in July followed by little or no month-to-month change in August.
• Median prices are expected to continue to inch back upwards in Chicago, although they will still be below levels recorded in the same months in 2007. The declines (compared to the same month last year) will be between 1.8 and 2.4% in Chicago. For the state, the trend for the next three months is down, about 7% through August.