...still out of reach for many. Chicago area homes have become more "affordable" in the last year, however, tougher lending standards & a bruised economy are keeping homes out of reach for many middle income families. An index of home afford ability rose to 92.0 in fourth-quarter 2007, up from 87.2 in the third quarter, according to a report by Moody's Economy.com and Homes for Working Families, a Washington D.C.-based non-profit group that promotes affordability. Falling home prices have helped nudge the index higher, but it has yet to cross the 100 mark — the point at which the market is considered affordable again. For complete article visit Crain's.
This is an interesting perspective and a perfectly good reminder to all of us- you can find good & bad news about current market conditions anywhere, depending on how you look at it. Let this be a lesson to us all, keeping a positive perspective is key. We know that historically the real estate market is cyclical and has served as a vehicle for building wealth.