Opinion

Housing market on local level is strong

Posted November 20, 2007 10:00 pm

In its recent article on national trends in the housing industry (Oct. 27, Associated Press: "Worse before it improves…All things housing predicted to fall: prices, sales, construction before stabilizing"), the Daily Herald failed to include local data that paint a more accurate picture of what is happening in Illinois and Chicagoland and demonstrate some of the ways the local housing market is bucking those trends.

Here in Illinois, home prices are holding steady and in Chicagoland, they continue to rise. Illinois and the Chicago area reported median price gains for September.

The University of Illinois Regional Economics Applications Laboratory (REAL) forecast calls for modest increases in median home prices for the next three months in Chicago.

The reality is most Illinois homeowners are experiencing very healthy long-term gains in the value of their homes, and real estate remains the single best investment over the long term.

Now is a good time to buy a house in Illinois.

Kay Wirth, President

Illinois Association of Realtors

Crystal Lake

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