Economists met with IAR on Wednesday, Dec. 10, 2014 to discuss demographic trends and how they apply to the real estate industry and the state's economy.
A panel of economists met with IAR’s CEO along with IAR Public Policy and Advocacy staff in Chicago to discuss economic shifts in the state and what they might mean for the real estate industry and the broader economy.
The meeting, held Wednesday, Dec. 10, 2014, looked at migration patterns, job growth and other indicators of how the state is faring in the post-Recession era.
Joining IAR were:
- Dr. Geoffrey Hewings, director of the Regional Economic Applications Laboratory at the University of Illinois.
- Alexei Tchistyi, associate professor of finance and director of the Office of Real Estate Research, University of Illinois.
- David Cleeton, Professor of Economics and Department Chair, Illinois State University.
- William Polley, associate professor of economics, Western Illinois University.
- Curtis Dubay, research fellow in tax and economic policy at The Heritage Foundation.
Jason Horwitz, senior consultant with Anderson Economic Group in Chicago led off presentations with an overview of his research.
A report from the research being conducted by the economists is planned in the future.
Illinois Gov. Pat Quinn announced today that 2,830 first-time home buyers in 85 counties have reserved more than $360 million in financing since the Welcome Home Illinois program was launched in April.
The program – administered by the Illinois Housing Development Authority (IHDA) – set an IHDA record for public response to its mortgage financing. Welcome Home Illinois offers $7,500 in down-payment assistance, with an interest rate as low as 3.75 percent for a 30-year fixed-rate mortgage, to qualifying Illinois residents.
Quinn, who has proclaimed June as “Homeownership Month,” seeks to make homeownership more affordable to first-time buyers through the program, and thus spur economic growth in the state. He announced the project will create about 1,400 new jobs in Illinois.
Read more about the Welcome Home Illinois program, including details on eligibility requirements and a list of participating lenders.
The Chicago Tribune reports today that the Treasury Department has given Illinois the go-ahead to use $30 million in federal hardest-hit funds to tear down vacant and blighted properties. The idea is to target communities with high vacancy rates that were hit hard by the foreclosure crisis for the Blight Reduction Program, to be administered through the Illinois Housing Development Authority, the newspaper reports. Click here to read the full Tribune article.
In other headlines:
February Pending Home Sales Continue Slide – NAR
Regulators Seek to Raise Qualifications of Appraisers – REALTOR® Magazine
Illinois home sales increased 17.3 percent over previous-year levels in August and median prices increased 13.6 percent, the Illinois Association of REALTORS® reported today, closing out the summer selling season on a strong note. Statewide home sales (including single-family homes and condominiums) in August 2013 totaled 15,814 homes sold, up from 13,485 in August 2012. August marks one year of continuous annual sales and price gains.
“The spring and summer selling season was quite strong, and the data suggest continued momentum into the fall,” said Michael D. Oldenettel, CRS, GRI, president of the Illinois Association of REALTORS® and Managing Broker/Owner with RE/MAX Results Plus in Jacksonville, Ill. “A 13.6 percent median price gain in August for home prices in the state is an indicator of unflagging demand for homeownership.”
Mark your calendars for the next round of the Illinois Association of REALTORS®’ “Let’s Talk Real Estate with Members of Congress” events scheduled in October. Each two-hour program includes a breakfast or lunch, a presentation by the member of Congress, time for Q&A and networking.
Stay tuned for details on how you can RSVP for events with U.S. Reps. Cheri Bustos, Jan Schakowsky, Robin Kelly, Mike Quigley and Brad Schneider.