Chicago Housing Market’s Inventory and Pricing Starting to Level

sudler-sothebys-logo22 June 2009 ? Signs are appearing that both inventory and pricing in the housing market are starting to level. Banks modifying existing mortgages are keeping people in their homes who thought they would have to sell. A large number of foreclosure units will not be hitting the open market as reported in Friday?s Chicago Tribune. Bank of America’s REO (bank owned property) department  will be working with City of Chicago?s Department of Community Development through the Neighborhood Stabilization Program grants from the U.S. Department of Housing and Urban Development. (Bank of America recently acquired Countrywide Bank.) Developers are renting rather than selling new construction and conversion buildings. This trend is expected to continue which will remove hundreds, eventually thousands of units from the area marketplace.  The decrease in number of market priced, short sale, and foreclosure units will contribute the stabilization of housing prices.

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About Andrea Geller

Andrea Geller, Realtor® with Sudler Sotheby?s International Realty, specializes in residential real estate sales and marketing of resale properties and new construction homes. Acknowledged as an expert in the real estate industry, Andrea has been interviewed for industry related articles for print and online media including the Chicago Tribune, Crain’s Chicago Business, Reuters, Bankrate.com, and Illinois Realtor Magazine. Andrea’s commitment extends to the community as an active member of several professional associations. Her appointments include the Board of Directors of the Chicago, Illinois, and National Association of Realtors® and the Lakeview Chamber of Commerce. She markets herself under HOT PROPERTY®, an innovation in the real estate industry led by Chaz Walters that has been marketed since the 1990s. This unique real estate concept is always a step ahead of the industry providing marketing from cutting edge interactive exposure to targeted innovative advertising opportunities. Visit her at www.hotpropertychicago.com or 773.868.3090.

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  1. You Never Know It Is The Bottom Until You Are On Your Way Back Up | The Chicago 77 - June 23, 2009

    […] Although the banks are carrying a large inventory of REO (bank owned) properties, some are using other vehicles besides putting them on the open market working with local and state agencies to help stabilize […]