27 August 2009 ? Recent reports have been saying that housing prices are starting to rise in certain areas around the country. Some of the areas included in those reports were the Chicagoland area. As an appraiser I have seen some declining markets moving in the right direction but I wouldn’t say that property values are rising. The rate of decline may be slowing down and maybe even starting to swing back in the opposite direction. For example?back in February of 2009 I ran a declining market analysis on three bedroom/two bathroom duplex units in East Lakeview. The rate of decline was 5.82%. As of August, I ran the same declining market analysis and the rate of decline was up to 3.2%. We are not at zero yet for that type of property.

Some can attribute the real estate comeback to the home stimulus package as well as the $8,000 first time homebuyer tax credit. My biggest concern is?what is going to happen if interest rates rise and there is no longer an $8,000 tax credit? Will we see another real estate slump?