The weather outside is frightful, and the economy may not seem much better, but the sky is not falling. Putting the current real estate market in perspective may help you enjoy the holidays a little better and hopefully will help you motivate yourself:
- Although inventories of new and resale homes have risen overall in 2007, the trend shows that they are now beginning to fall. Housingtrends.net shows that the inventory of single family homes and condos for sale in the entire Chicago area rose to an all time high of 70,784 units in July 2007 and has now fallen to 61,770 units currently.
- Prices in the Chicago metro and suburban area have gone down 5% in the last 12 months, but are still 32.5% higher than 2003 and 12.6% higher than 2005.
- As of Nov. 2, 2007, the current unemployment rate of 4.7 percent is lower than that of the 60's, 70's, 80's and 90's.
- The October 2007 jobs report marked the 50th consecutive month of employment growth, a U.S. record.
- The Dow has grown so much that a 300 point drop sounds like a big deal but in today's market its just 2 percent
- Oil prices are at record highs, but they do not have the negative effect on our economy that the media would have us believe. U.S. manufacturers and consumers are twice as fuel-efficient as we were in the 1970s. Today Americans spend just 4 percent of their disposable income filling up the tank, compared with 6 percent in 1980
- Except in select categories corporate revenues are near record highs
- The single biggest component of the economy is retail sales, which surged during November, making a surprisingly strong, broad-based climb that suggests the economy is not as weak as feared
- Rubloff Residential Properties experienced one of the most successful years in company history in 2007, second only to the record-setting sales seen last year