In part 1 of this blog post series I shared James E. Glassman’s chart showing that home prices are now back in line with household incomes.
Another Regional Economic Forecast 2009 Panelist, Lawrence Yun, presented the chart below showing that the number of existing home sales has dropped back to 1998 levels. However, now there are 25 million more people living in the U.S. than in 1998. Pent up demand will eventually stop the fall in home sales and start to push them back up.
Dr. Yun also mentioned that monthly mortgage payments for a median priced home in relation to a median income household incomes are also back to 1998 levels at 19% with today’s historically low interest rates.
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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
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