Quote of the day – Chicago cancellations not happening

“… with a slowing of the pace of sales and appreciation rate, combined with tighter mortgage lending criteria, there is a risk of contract fallout. To date, this fallout has not been occurring in the Chicago market, as lenders and developers are reporting that buyers are closing on their purchases. However, particularly with sales to investors, this will be a risk during the next year.”

Appraisal Research Counselors, 3rd Quarter 2007 Downtown Chicago Residential Benchmark Report

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