We Value Bloomington-Normal

In IAR's latest Housing Forecast from the Regional Economics Applications Laboratory, University of Illinois economist Geoff Hewings reports:"Given the economy’s troubles, it is not surprising to find an impact on the housing market. While the interventions by the federal government in the financial sector will help stem a more precipitous slide in the housing market, the longer-term recovery of this market will now be increasingly dependent on the economy’s recovery. Continued job declines both nationally and in Illinois have generated a need to address economic development issues more forcefully."

Illinois Housing

  • Forecasts for September, October and November suggest continuing declines in home sales compared to the same months last year ranging from 20-30% in Illinois and the Chicago PMSA.
  • Price declines in Chicago for the same three months will move from 5% to less than 3% over the three months while the declines will be from 7% to 5% statewide.
  • In August the unemployment rate increased in the U.S. from 5.7% to 6.1% while Illinois’ rate was virtually unchanged at 7.3%.
  • Illinois’ recovery of its prior peak employment (November 2000) is more than three years away at current levels and may be extended if job declines
Posted by Brian Davis on October 2nd, 2008 4:30 PMPost a Comment (0)

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