Are you trying to time the market to purchase at the bottom? If you aren’t there is a really good chance you know someone who is. The media spits out national housing statistics and it scares most people because they forget real estate is local.
What happens in California has little to do with our real estate market, yet what happens in California has a huge impact on the national statistics. The national housing statistics are about as useful as the national education statistics.
One company that keeps a very close eye on the housing market is PMI Mortgage Insurance Co. PMI Mortgage Insurance Co. releases a market risk index every quarter. This is an in depth report on the status of the real estate market as a whole and on a local level with 381 “MSA’s” (metropolitan statistical areas and divisions) tracked. The largest 50 are watched very closely and naturally Chicago metro is one of the largest areas tracked.
For more information on the exact situation statistically in the Chicago housing market visit this page .
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