Realtor Evan Schoenberg reports to Realty Times that "while 2006-2007 was a transitional year for the national housing industry -- Chicago fared relatively well. There are a number of reasons to believe that the city's for-sale market will also remain healthy ... into 2008."
Why is this?
First, he says, mortgage interest rates remain near historic lows, meaning buyers still have the luxury of affording more home for their money.
Second, sustained employment growth in the region and a rise in household income have continued to make housing attainable.
Third, he continues, since home prices in Chicago have remained steady, even while prices around the country have receded, it is highly unlikely that home values in Chicago will decline.
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