Illinois Residents Optimistic about Housing Market

October 08, 2012

illinois homeowners optimistic about chicago real estate According to a recent survey by Crain’s, more than one-third of Illinois residents feel that the Illinois and Chicago real estate market is in a state of recovery. Also according to the survey, more than half of Illinois residents say that the recent decline in home values hasn’t affected their lives.

This positive thinking could be fueled by the fact that sales of Chicago-area single-family homes and condos rose 28.5 percent in August, which is the biggest increase since 2007.

More than 12 percent of survey respondents also said they have used low mortgage and home prices to their advantage.

No one can say for certain when the market will make a full recovery. Even though the price of Chicago homes has risen in recent months, they still have not reached 2006 levels. The drop in home prices is one of the reasons that 20 percent of Illinois residents have put off making any big home purchases or moves since the recession.

However, only 19 percent of survey respondents feel that the market has deteriorated completely and the majority remain hopeful that prices and sales will pick up as we head into 2013.

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