In the wake of the economic downturn of 2008, the real estate market has suffered, and housing prices have remained lower than they have in years. In fact, historians estimate that the real estate market has not been this depressed since the 1930s.
But many real estate experts believe that the real estate recession has finally ended.
According to the real estate reporter Don DeBat, of the Chicago Journal, “FNC, a research firm that specializes in real estate information technology, reported that despite broad economic and job market weakness, U.S. home prices increased in April for the first time since the withdrawal of the home-buyer tax credits a year ago.”
“Based on the latest data on non-distressed existing and new home sales, FNC’s Residential Price Index indicated that single-family home prices rose a seasonally unadjusted rate of 0.5 percent in April.”
So, it would seem that DeBat has good reason to believe that the recession is truly coming to an end. We can only hope!
To see the full copy of DeBat’s article, check out the Chicago Journal here. And for more information about the current state of the Chicago real estate market, check out articles like this one on the CondoDomain blog!