Closing volume has nowhere to go but up

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.

 

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