Summer slowdown in Illinois housing market; job growth must improve

Home-buying delays are expected with the withdrawal of the tax credit incentive, says University of Illinois economist Dr. Geoffrey Hewings in a housing outlook video series recorded earlier this month on campus at the Regional Economics Applications Laboratory (REAL) headquarters in Urbana.

People have become more risk-averse, we’re saving more and being very cautious about big-ticket purchases. This mood, says Hewings, “will probably continue at least for another six to nine months until we get some strong signals from the economy that it’s going to turn around.”

More muted job growth is expected for the next two quarters with the relationship between jobs and home sales stronger than we’ve seen in the past.

2010-08-23T08:59:59+00:00August 23rd, 2010|Housing Market|0 Comments

About the Author:

Ann Londrigan is Vice President of Member & Association Engagement for the Illinois REALTORS®.