In October, Illinois home sales suffered their steepest decline since the housing slump began. The Illinois Association of Realtors says home sales fell 34 percent last month compared with a year earlier.
Last year’s sales figures were inflated by the homebuyer tax credit that was set to expire. That caused a dropoff, but realtors say it goes beyond that.
Few people feel compelled to buy a home right now.
Sue Fox is a realtor in Chicago who says homebuyers think prices will continue to drop, and homesellers face a bleak situation.
"You’re really going to have to compete on the price in order to get the attention of a buyer, who might think, `Well, why don’t I just go buy this foreclosure down the street? Sure it’s in worse shape, but it’s $100,000 cheaper,’’’ Fox said.
Fox says the market could stay like this for another couple of years. She says everything hinges on job creation.