Many consumers are wondering when will the real estate market hit the bottom and when should I consider purchasing...well I think we are about there. Many agents are actually experiencing an increase in showing activity and contracts since the beginning of the year. A recent forecast from Moody's Economy.com suggested that the Chicago region will be hit less than other markets. They have estimated that the three year drop for single family homes which should begin recovering in 2010, should hit 17.1% before recovery begins. The average decrease in rthe area has been 13.3% since mid-2008 compared to a national decline of 21.3%. Check out a recent article from Crain's that includes a nice graph comparing major metro areas.
So we may be getting close afterall.
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