Chicago Assoc. of Realtors Economic Forecast 2011

Dr. Michael Miller - Assoc. Professor of Economics, DePaul University

The 2011 economy will be “ho-hum” according to Dr. Michael Miller, Associate Professor of Economics at DePaul University. Dr. Miller spoke at yesterday’s Chicago Association of Realtors Economic Forecast 2011. Dr. Miller stated that:  

• The economy will grow, but too slowly to restore confidence.
• Jobs will be created, but too few to put a dent in unemployment or underemployment.
• Housing will improve, but it is again “wait till next year”

Dr. Miller also discussed findings from the Federal Reserve’s Beige Book which noted the Chicago District mentioning difficulty obtaining credit as another constraint on housing demand.

Illinois’ new tax laws are of great concern to Dr. Miller. He said they will harm economic growth and job creation in the state. This will not occur all at once, but rather be a slow process that further saps our competitiveness. 

While his points were not good news to the roomful of Chicago Realtors, of positive note, Dr. Miller stated that the Federal Reserve is using quantitative easing to keep long (mortgage) rates down.

ABOUT THE AUTHOR

Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More