Chicago Relocation

Are we recovering?

May 14, 2010

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Some comments from our own Maija Harjula – A while ago I read an interesting article in Crain’s Chicago Business about the shape of Chicago real estate markets. Alby Gallun’s article Chicago Housing Market Won’t Recover Until 2013 takes a quite pessimistic stand on where the real estate market is standing right now. In the article Perry Bigelow and other featured experts pretty much smash the idea of our recovering housing market.

It really is an interesting piece where Gallun discusses Chicago-area housing, foreclosures and the future. But what this means to Chicago relocation? We all know that the economy isn’t going to recover overnight. How do you feel about 2010?

Gallun writes that 95 000 units are expected to sell in 2013 – it’s still far from the numbers we had in 2005 during the boom’s peak, way over 100,000 units. I have a feeling that it might take a while to get up to those numbers again. According to Bigelow there’s no reason to be optimistic — what do you think? Like Gallun’s quoted expert Geoffrey Hewings, director of the Regional Economics Application Laboratory, says the Chicago real estate will need some serious signs of economical recovery before starting to climb up itself.

I hope you take a few minutes to read it (you can do it here!) and if it happens that you don’t agree with it, at least it’ll give you something to think about. I personally found the article very interesting but for me a little optimism is never a bad thing.