Lawrence Yun on the Illinois housing market recovery

From IAR Buzz comes the following post. Interesting in that he cites the lack of a housing bubble in Illinois outside of Chicago makes those markets more dependent on job creation. And now, with the passing of the tax incentive credit, increases in jobs are the primary hope for recovery. Pay attention to his predictions on interest rates towards the end of 2011.

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NAR economist Lawrence Yun talks foreclosure/housing market in Springfield

by Stephanie Sievers on October 19, 2010

Dr. Lawrence Yun, chief economist for the National Association of REALTORS®, was in Springfield, Illinois, today to talk about the real estate market and the role foreclosure moratoriums, historic affordability and most importantly, future job creation will have on the industry in the months to come.

In this video, Yun talks about why a national, government-imposed foreclosure moratorium would create harmful uncertainty in the market, how the Illinois market compares to the rest of the country and why the winter selling season will be a critical indicator of the health of the market without government stimulus.

Dr. Yun’s program “Economic Outlook in Uncertain Times” was sponsored by the Capital Area Association of REALTORS®.

Economist view of Illinois Housing Market Trends

Listen to University of Illinois economist Dr. Geoffrey Hewings, director of the Regional Economics Applications Laboratory (REAL) headquartered in Urbana, as he gives his view of the housing market in Illinois. He talks about those factors that are having an impact on the market. The interview is more slanted towards informing Realtors, (as it was conducted by IAR.org) but the demographic, interest rate, and employment numbers should be of interest to buyers and sellers also.

As always, your thoughts, comments, or views are greatly appreciated.