A week or so ago, Realtors said they were unsure about the future of the housing market, and it turns out rightfully so: Since then, we've learned that Chicago-area homeownership hit an eight-year low and experts say inventory in the local luxury market could last years. And with a high foreclosure rate (one in every 213 homes in May), a new report ranks Chicago third in getting help through the Obama administration's mortgage rescue plan.
Finally, there was a speck of hope: Despite national existing-home sales dipping, Chicago home sales jumped 33.6 percent in May compared to last year. A rebound for the Chicago-area? Not so fast. Many are speculating that the expired home tax credit with contracts closing up until June 30th may still be propping up sales. With no clear signs of a full-fledged recovery, the waiting game continues. Let's, at least, get the bad news out of the way:
- Chicago-area home ownership falls to an 8-year low. [Crain's Business Chicago]
- Chicago ranks No. 3 in the nation for getting mortgage help from the government. [Chicago Sun-Times]
- Local realtor says single-family homes over $1 million face a 3-year supply glut. Depending on the price range, there could be a backlog of two to eight years. [Windy Citizen Media Group]
- Chicago existing-home sales soar while nation's decline 2 percent in May. [Chicago Sun-Times]
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