Yesterday I attended the Regional Economic Forecast 2009 at the Palmer House Hilton. The event was sponsored by the Chicago Assoc. of Realtors and other Chicago area Realtor Boards.
Chicago Magazine’s Deal Estate Columnist, Dennis Rodkin, moderated a panel consisting of:
- Lawrence Yun, Chief Economist for the National Assoc. of Realtors
- Michael S. Miller, Assoc. Prof of Economics at DePaul University
- Gail Lissner, VP at Appraisal Research Counselors
- James E. Glassman, Managing Director & Sr. Economist with JP Morgan Chase & Co.
Dozens of charts were presented, but the one I think home buyers will find most interesting was James E. Glassman’s chart below showing as he put it, “inflated valuations are history.” As shown, starting around 2003 home values grew faster than household incomes. With the housing market’s correction, home prices are now back in line with incomes.
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
Fran Bailey, Realtor
