A difficult quarter for the Chicago market

“This has been a difficult quarter for the housing markets in Illinois and Chicagoland. The forecasts for the final quarter of 2010 suggest more of the same.” – Geoffrey Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois, quoted in the Illinois Association of Realtors’ latest report on existing home sales.

Existing home sales (single-family homes and condominiums) in Chicago were down almost 27 percent in September 2010 compared to September 2009, and median prices were down 20 percent, according to the IAR. Year-to-date sales are still up 11 percent compared to the same period in 2009, but prices are almost 8 percent lower.

The Case-Shiller Home Price Indices for August are due tomorrow morning, and Clear Capital is already predicting the numbers will be down nationwide. Clear Capital on Friday reported a 6 percent decline in home prices over a two-month period, which “represents a magnitude and speed not seen since March 2009.”

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