The Illinois Association of Realtors keeps real estate closing statistics. Read ‘em and weep…
In the Chicago area, the number of sales, comparing 2006 to 2005, was down about 12%.
The number of sales from 2006 to 2007 was down 20.5%
So far this year, the number of sales is down again from 2008 to 2007:
1st Quarter- 29% down
2d Quarter-33% down
3d Quarter- 22% down
October 08- 17% down
November 08- 32% down
It’s will probably down about 30% for 2008 after you add it all up.
So, basically the real estate market has lopped off close to 60% of its volume compared to 2005 (generally considered the peak).
Wow, I need a drink.