IAR releases statement on Chicago housing data

According to Illinois REALTOR Weekly Connection, the IAR has released a statement about the city of Chicago housing data reported in the Chicago Tribune yesterday.  They deeply regret that this happened and they are working with the Chicago Association of REALTORS and MRED to investigate the reporting, resolve, and correct it.  The reporting issue is isolated to city of Chicago data; it does not involve the IAR statewide reporting and regional nine-county Chicagoland PMSA reporting, which is confirmed accurate for the Illinois housing market as is the University of Illinois REAL forecast.  They state that this is "absolutely unnaceptable", and they will take whatever action is required to fix the problem or take other actions to ensure public confidence in their market reports.  They regret any confusion in the marketplace that may have occured due to this situation.  They recognize that consumers have certainly been challenged to understand this market and their member REALTORS are working hard every day to communicate the challenges of the marketplace to their clients.

2011: A turning point for home prices?

According to an article on INMAN News, and the website "MacroMarkets", more than half of economists, real estate experts and investment strategists said they now expect national home prices to hit a bottom sometime in 2011 and remain stable through 2015.  MacroMarkets polls more than 100 housing experts, including FusionIQ, Moody's, National Association of Realtors, and Freddie Mac.  According to a statement by MacroMarkets' chief economist, "A significant majority of our panelists believe that the bottom for home prices arrived in the first quarter or will arrive sometime before year-end.  Despite persistant macroeconomic uncertainty and unprecedented housing market dysfunction, almost two-thirds of the panelists see the U.S. residential real estate market as at an historic turning point."

For more information, check out MacroMarkets and INMAN NEWS

For Flood Insurance

Elizabeth Mendenall lived her whole life by the Missouri River.  Recently, the river flooded, forcing residents in four states to seek shelter.  Any caring American citizen can help by telling Congress to reauthorize the National Flood Insurance Program, which expires on Sept. 30.  If this program does expire, markets in many areas nationwide will come to a standstill.  You can visit the REALTOR® Action Center to stand up for consumers who need this program to continue living the American Dream.

Visit the REC for more information.