In about a week and a half the Illinois Association of Realtors will be releasing the home sale statistics for Chicago, the region, and the state. Once again the actual closings will be abysmal relative to last November. I estimate that they will report sales down about 40% from last year – with their usual extremely creative positive spin.
But in all fairness last year’s home sales were goosed by that tax credit fiasco and this year is suffering from the vacuum left behind by that same tax credit.
Oh, BTW, 39% of those November home sales were distressed properties – either short sales or foreclosures. Pretty much the same as previous months.
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