Chicago Real Estate Market 2009 forecast

PRLog (Press Release) - Aug 24, 2008 -
We are projecting that the real estate market will remain relatively stagnant or declining for the next few years with serious price reductions and depreciation due to continued economic hardship.  Additionally, the country has been slammed hard with foreclosures and it could take years to recover.   The current abundance of  foreclosures, and approximately 5 times more pre-foreclosures (lis pending),  is what is attributing to the depreciation in the market.  Chicago Real Estate Appraiser http://www.Chicago-Appraiser.com , Monica M. Walsh, of M. Walsh & Associates appraisal firm says,  “I have experienced firsthand that a large number of the current sales in the market  are foreclosure and Short sales, and due to the skyrocketing number of these sales, many Chicago neighborhoods are experiencing depreciation between  10%-15% just over the past year.  Basically, the foreclosures and short sales are dragging the markets down. ”        

According to Santiago Sanchez with http://www.Illinoisbienesraices.com, “we  have noticed a drastic increase in requests for short sales due to homeowner’s hardship who simply can no longer afford to pay their mortgage, and owners who owe more on their mortgage than their home is currently worth. “   The real estate outlook for 2009 is not expected to see any major improvements.

Chicago Real Estate Market 2009 forecast

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