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Chicago homes for sale - for less


Chicago, the birthplace of skyscrapers, has developed both commercial and residential real estate at a remarkable pace. Chicago real estate industry is considered to be one of the most dynamic real estate markets in recent times. However in recent times the industry has suffered due to the economy slowdown, bank foreclosures and lending debacles.

The ‘Housing starts’, which measures the number of new homes being constructed has seen a decrease of 0.6 percent while 7.8 percent decrease was visible in the number of permits given for new construction which is a direct indication of the future real estate activity of the area.

This has had an impact on the Chicago area real estate industry in a way that prices of homes have fallen drastically. The average selling price of a single family home which went for an average price of $830,506 last year has gone down to $784,521 this year. The Federal Reserve Bank in an attempt to combat the rising number of home foreclosures and the falling home prices has lowered the interest rate, reducing it by ¾ a percentage point to 2.25 percent.
However, the current situation has proved to be a boon for people wanting to buy homes in Chicago at the moment.

People at Weichert Realtors say that with the falling home prices and further reduction in interest rates this is probably a good time to buy your dream house. They offer one stop services for all real estate needs including advice of mortgages, moving, and insurance, and have some deals on real estate in Chicago area.

As the Chicago real estate industry is expected to stabilize by 2009, experts suggest that this is the right time to invest in some good real estate. Weichert Realtors should be able to help with their wide range of services.


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