With another week and a half until the Illinois Association of Realtors announces April home sales for Chicago Im here to tell you that theyre going to be down around 28% from last year. Actually, my preliminary numbers indicate they will be down 27.9%. But that was totally expected since last years numbers were artificially pumped up by the government charity program for the real estate industry (and then we wonder why our deficit is so high). Expect to see more numbers dramatically lower than last year until we get to July.
Looking at contract activity for Chicago as a more current measure of real estate market conditions we see that at least contract activity is running higher than 2009, which is better than how the back half of 2010 performed. See the graph below.
Full Article: Chicago Home Sales Drop 28% In April
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