• Interest Rates at a Glance – Average North Central Region (which includes Illinois)

 

6.41 – Oct 07

6.40 – Oct 06

6.41 – Sept 07

16.63 – 1981 (all-time annual high)

5.90 – 2003 (all-time annual low)

 

 

Underlying Economic Forces

 

o Strong household formation fueled by population growth, especially in Illinois

from immigrants.

 

o Growing pool of homebuyers. The children of the baby boom generation, called

echo boomers, are the second largest generation in U.S. history. They are just

entering the years in which people typically buy a first home.

o The Baby Boomers remain in peak earning years and are investing in real estate.

They are nearing retirement and buying second homes.

o The economy is fundamentally sound. Unemployment is low and jobs are

gaining.

 

 

National Housing Outlook (NAR forecast 11/14/07)

 

                                                               2006                      2007

 

Existing Home Sales                          6.48 Million              5.67 Million

New Home Sales                              1.05 Million               796,000

Housing Starts                                   1.80 Million             1.35 Million

30-year FRMs                                       6.5%                       6.6%

 

 

Economic Outlook (NAR)

 

                                                              2006                       2007

 

GDP                                                       2.9%                       2.1%

Unemployment Rate                                4.6%                       4.6%

CPI Inflation                                            3.2%                      2.8%

Disposable Income                                  3.1%                       3.5%

 

 

 

Homeownership Rates

 

                      3Q07   2Q07   1Q07   4Q06   2005   2004   2003   2002   2001   2000   1999

 

U.S.                68.2     68.2     68.4       68.9     68.9     69.0     68.3     67.9     67.8     67.4     66.8

Midwest        71.9     71.8      72.2       73.0

Illinois           70.4     69.4      69.5       70.8      70.9    72.7     70.7     70.1     69.4     67.9      67.1

 

 

 

 

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