Andersonville, Bucktown, Chicago Buyers, Chicago Mortgage's, Chicago Real Estate, Chicagoland Sellers, DePaul, East Village, Fun Chicago stuff, Gold Coast, Greektown, Jefferson Park, Lakeview, Lincoln Park, Lincoln Square, Logan Square, Loop, North Center, Old Irving, Old Town, Palmer Square, Pilsen, Ravenswood, Ravenswood Manor, River North, River West, Rogers Park, Roscoe Village, South Loop, Streeterville, Ukrainian Village, Uptown, West Loop, West Town, Wicker Park, Wrigleyville
Housing Starts Are Down And Why It’s Terrific News For Sellers
November 19, 2009 by · Leave a Comment
A “Housing Start” is a home on which construction has started and, for the 4th straight month, national single-family housing starts held steady last month.
When the demand for homes grows faster than the number of homes for sale, prices increase.
As recent home sales data confirms, buyers currently outpace sellers and one consequence of this is an increase in multiple-offer situations this year.
It’s no wonder home prices are up across so many neighborhoods.
October’s Housing Starts report is yet another piece of housing data foreshadowing rising home prices into 2010.
Building Permits were also down in October, a potential demand-to-supply imbalance magnifier. Without permits, there’s no future construction. This drains supply. Meanwhile, tax breaks and low rates tend to stimulate demand and, right now, we’ve got both.
Therefore, so long as demand remains semi-constant into the New Year, expect home prices to rise.
In many markets, they already are.
For Rita, real estate runs in the family. A native Chicagoan, she grew up as the daughter of a Chicago real estate developer, and learned more about the many neighborhoods of the city than most residents do in their lifetime. 
