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.
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