22 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.Email This Post To a Friend.
Chicago Housing Market’s Inventory and Pricing Starting to Level
June 22, 2009
Subscribe to our e-mail newsletter to receive updates.