Illinois Housing Market Showing Signs of Life

November 07, 2011

A metro Chicago real estate market is improving!

Yes, I meant ‘a’ as in one, and metro Chicago is a bit of a stretch here, but we have an Illinois city on a positive list, so we’ll take it.

The latest National Association of Home Builders/First American Improving Markets Index (IMI) was released on Monday with the city of Kankakee, Illinois on it.

According to the IMI, the number of improving housing markets in November rose from 23 to 30 to mark the third straight month of improvement. And what an improvement: Two months ago, only 12 housing markets made the list.

This is Kankakee’s second consecutive month on the index, which identifies metropolitan areas that have shown improvement for at least six months in:

*Housing permits

*Housing prices


“The November IMI remains heavily weighted by smaller cities, with Pittsburgh and New Orleans as the only major metros represented,” said NAHB Chief Economist David Crowe. “This is indicative of the tough conditions that continue to prevail across much of the country, particularly in larger markets that have been hit hardest by job losses and foreclosures during the recession and that will take more time to heal.

“However, momentum is building in pockets of the country where energy and agriculture are the dominant industries and where consistent, measurable improvements in economic conditions are now becoming apparent.”

Chicago? Not quite yet. But at least we have Kankakee, a city located a mere 54 miles south of the city.

Here are the metropolitan areas that were listed on the IMI in November:

Alexandria, LA

Amarillo, TX

Frank Lloyd Wright designed two homes in Kankakee. This is the The B. Harley Bradley House & Stable

Frank Lloyd Wright designed two homes in the Riverview Historic District of Kankakee. This is the beautiful B. Harley Bradley House and Stable.

Anchorage, AK

Bismarck, ND

Casper, WY

Cheyenne, WY

Corpus Christi, TX

Davenport, IA

Fairbanks, AK

Fayetteville, NC

Fort Collins, CO

Hinesville, GA

Houma, LA

Jonesboro, AR

Kankakee, IL

And this is the Warren Hickox House. The two Frank Lloyd Wright Homes are on the National Register of Historic Places and are located next door to each other.

And this is the Warren Hickox House. Located next door to each other, both homes are on the National Register of Historic Places.

Lima, OH

McAllen, TX

Midland, TX

Monroe, LA

New Orleans, LA

Odessa, TX

Pine Bluff, AR

Pittsburgh, PA

Sherman, TX

Sumter, SC

Tyler, TX

Waco, TX

Waterloo, IA

Williamsport, PA

Winston-Salem, NC

Categories: Economy, NAHB

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