Quote of the day: Price stabilization? Resistance from sellers?

“I see the inventories starting to go down slowly … I see some stabilization in the prices, and I see more and more resistance from sellers … in terms of being willing to lower their prices any more.”

David Hanna, president of the Chicago Association of Realtors, offering a contrary view in the Southtown Star to a Zillow.com report that says that 40 percent of Chicago homeowners who bought in 2006 now owe more than their homes are worth.

While housing prices and demand are down just about everywhere, Hanna offers a rare sense of optimism. Meanwhile, a report released by Appraisal Research Counselors this week says that only 161 condo sales were reported in downtown Chicago in the third quarter, resulting in the downtown market’s worst single-quarter performance since late 2001.

According to the Zillow report, nationwide home values posted a seventh straight quarterly decline, and Zillow Vice President of Data and Analytics Stan Humphries says he expects the decline “to continue until at least the middle of next year.”

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