Illinois home sales drop 27% in first quarter

Home sales in Illinois tumbled 27 percent in the first quarter, a real estate trade group reported Friday, hurt by "the ongoing credit crunch and a softening economy." The Illinois Association of Realtors said ...

[Huh]

Housing group blaming the economy, weather, credit crunch on the housing woes. It's the overpriced housing and loose credit that made the economy go south and create the credit crisis.

[vanilla ice]

Buy a condo at todays prices and you will be able to sell it for a profit 15 years from now. Hope you like living in your 900 square foot palace til then.

[DaveR]

looks like the city will have to raise the transfer tax some more to meet budget.

[NotBuying]

Sales are 'way down' while prices rose 8.6%. Gee, I wonder what the connection is to the 'soft' housing market.

The funny thing is as usual NAR thinks it's an 'opportune time to buy. Why? So even more overpriced homes can go into foreclosure even faster?

NAR is a joke, sellers are unrealistic, and the many in the industry are greedy. I won't be surprised when the economy really tanks.

Buy an overpriced place today, so you can't buy food and gas tomorrow.

[Aaron]

I find it strange that the good news of rising prices in homes and condos by whopping percentages is buried in the last paragraph of the article. That is the most important factor for people interested in buying or selling property, not the number of properties that do not affect them.

[Thomas]

NotBuying wrote:

Sales are 'way down' while prices rose 8.6%. Gee, I wonder what the connection is to the 'soft' housing market.
The funny thing is as usual NAR thinks it's an 'opportune time to buy. Why? So even more overpriced homes can go into foreclosure even faster?
NAR is a joke, sellers are unrealistic, and the many in the industry are greedy. I won't be surprised when the economy really tanks.
Buy an overpriced place today, so you can't buy food and gas tomorrow.

What do you want the NAR to say. They are a group of home realtors. Don't go out and buy until the market bottoms out? They all work on commission. It's always a great time to be buying or selling. I bet they can still find you an interest only loan to.

[Jeff]

How the heck are prices still up in the city? Condos have been overpriced here for two years now. They've got to come down at least a little.

[Boom2Bustdotcom]

"The median price of a home in Chicago increased 5.4 percent in the first quarter, however, to $295,000 from $280,000. Condominiums prices in Chicago moved up a hefty 8.6 percent, the Realtor group said."

Home prices in Chicago aren't going higher. It's a statistical anomaly. It's been happening in other metro areas for a while now. Even CNBC, a mainstream financial news outlet, figured this one out last summer.

"Home Prices Recovering?
http://www.boom2bust.com/2007/08/15/home-pric...

[Dan]

Don't beleive the spin from these Realtor trade groups. They are the sleaze balls that got us in to this mess.

[Realtor]

So prices went up and volume went down during a recession.
Inflation has reared its ugly head now that food and gas has gone up the same percentages as Homes.

People in the business sell Homes, For sale by Owner types watch other people sell homes.

The smart seller or buyer hires a PRO.

[Realtor]

Dan, my friend, you are ignorant of the facts of real estate.
Buyers and seller make the market, we just make it more efficient for both sides!

That is a free lesson I will give you so you can start to understand econ 101

[Realtor]

Supply and demand rule the market just like gas and food commoditites.

If there is not enough supply versus demand, Prices increase.

Everyone needs a nice place to Live!!

Buyers pay for Nice places to live!

There is no credit crunch, get an FHA LOAN for 97% LTV with marginal credit @ 6 percent over 30 years!

Only a fool would Wait if they need a house now!

Homes are never investments since they do not throw off cash flow. They do appreciate over time.

KEEP it SIMPLE everyone!

[JOHN]

Sounds like some people are green with envy or mad they did not get in on a great surge in prices.

IF you need a house buy one, if you do not stay out of the way.

There are many experts in REAL ESTATE but twice as many chickens.

[REALTOR]

I sold six homes last month! See ya later!

[John T]

Who in their right minds would want to move to this God forbidden corrupted state! Oh but its not the democrats fault at all!

[Dan]

REALTOR wrote:

I sold six homes last month! See ya later!

Just keep telling yourself that prices will start going back up again and soon you may begin to believe yourself. I made a fortune in real estate but not by listening to the lies of the NAR. I was smart enough to get out in 05