This is in the rate realm of now being a second catalyst for the housing market. The first being the affordable prices that haven't been seen for years. Even the most pessimistic of critics see house sales transaction picking up drastically in early 2009. These transactions in real estate are a major driver in the economy. For every homes sold there are moving companies, mortgage companies, title companies, home improvements stores, home improvement contractors and Real Estate agents all earning a living. Real Estate helped get us into this mess and it will help get us out. This coupled with the economic stimulus from Uncle Sam will help get us through this rough patch in the economy.
Naperville Real Estate and Downers Grove Real Estate have held up pretty well through this period with drops of only about 7% year to date. The price declines have started to retreat. From July 31 2008 to November 30 2008 almost all the surrounding areas showed
improvements. The real deals and bargains have come from the short sales and foreclosures. When these start to subside this will halt the downward price adjustment we have seen in most areas. Fortunately we are not the "Sand States" (AZ,CA,FL,NV as they have now become known as) with 20% to 40% drops in prices. They do seem to be bottoming now.
