Chicago’s Home Affordability Best in 18 Years…But Not Great Nationally

August 21, 2009

Daily Real Estate Updates

sudler-sothebys-logo21 August 2009 ? According to the National Association of Home Builders (NAHB) the Chicago area ranks at position 174 in the nation and 39th in the region in housing affordability for the second quarter of 2009. Indianapolis has topped the list for the last 16 quarters. In the NAHB/Wells Fargo Housing Opportunity Index just released, housing affordability continues to hover near the highest level in 18 years. As a result in falling home prices, affordability has gone from the best conditions in four years to the best conditions in 18 years in a period of less than a year. ?The increase in affordability?along with the $8,000 federal tax credit for home buyers?is stimulating demand, particularly among young, first-time buyers,? said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla. ?But to keep the recent upturn in home sales going into next year, Congress will need to extend the tax credit for another year and make it available to all buyers in an effort to encourage activity in the trade-up market.? On a related side note, NAHB will be closed next week as a cost cutting measure.

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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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