2008/05/Housing Prices

The OFHEO (Office of Federal Housing Enterprise Oversight) announced yesterday that housing prices nationwide declined 1.7% for the first quarter of this year. However, prices in the Chicagoland area (Chicago-Naperville-Joliet) were down only (0.44%) for the first quarter of 2008 and prices were actually up 0.23% from a year ago.

There’s been a lot of discussion lately if we are nearing the bottom in the declining housing market, butI don’t believe this report from the OFHEO would support that notion. It’s my opinion that we may be 6-12 months from the bottom (nationally) due to the high number of foreclosures set to hit the market in the coming months. However, it does show us that the Chicago area has been holding steady in this down market.