Illinois home sales post their steepest drop since housing slump began

Illinois home sales in October fell 34 percent, their biggest drop since the mortgage crisis began.

November 23, 2010

By Ashley Gross

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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.

 

 

 

 

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