Quote of the day: Federal guidelines hindering Chicago condo sales

“We’re encouraged to see the bank-owned inventory moving in the marketplace, indicating buyers are finding good bargains, especially in single-family homes and flats.

The city of Chicago condominium sales numbers continue to reflect a critical need for governmental agencies to review the growing disparity in the ability to finance a condominium purchase in the city. This affordable housing will become unaffordable and unattainable to many qualified first-time homebuyers in the city of Chicago unless existing federal guidelines, which do not take into account nuances of the local market, are modified.”

– David Hanna, president of the Chicago Association of Realtors, in a news release quoted by Crain’s in this morning’s report on Chicago home sales. You can hear more from Hanna about those local “nuances” in this recent video interview with Joe Zekas.

Chicago-area home sales fell 18.7 percent in May 2009 compared with May 2008 but increased over the previous month for the fourth straight time, Crain’s reports. The median price of a home in May was $200,000, down 20.3 percent from $251,000 in May 2008.

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