Economic Forecast 2012
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Housing and the Economy: Impacts and Forecasts - presented by Dr. Geoffrey J.D. Hewings, Director - Regional Economics Applications Laboratory (REAL), University of Illinois Institute of Government and Public Affairs
![Housing and the Economy: Impacts and Forecasts Geoffrey J.D. Hewings, Ph.D. Director Regional Economics Applications Laboratory (REAL) University of Illinois Institute of Government and Public Affairs 217.333.4740 217.244.9339 (fax) [email_address] www.real.illinois.edu Illinois Association of REALTORS® January 2012 Public Policy Meetings](https://image.slidesharecdn.com/economicforecast2012revised01212012-120125102324-phpapp01/85/Economic-Forecast-2012-1-320.jpg)
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Economic Forecast 2012
- 1. Housing and the Economy: Impacts and Forecasts Geoffrey J.D. Hewings, Ph.D. Director Regional Economics Applications Laboratory (REAL) University of Illinois Institute of Government and Public Affairs 217.333.4740 217.244.9339 (fax) [email_address] www.real.illinois.edu Illinois Association of REALTORS® January 2012 Public Policy Meetings
- 6. RECOVERY SCENARIOS Jobs recovered Since December 2009 TIME GROWTH NEEDED RATE 5 years 102,200 jobs / year 8 years 63,900 jobs / year 10 years 51,100 jobs / year 15 years 34,100 jobs / year Note: Best year since 1980 – Illinois added 60,000 jobs
- 12. Illinois & National Economy Since early 1990s, Illinois ’ growth rate has fallen behind the U.S. and Rest of the Midwest, but converging with the latter through October 2011, Illinois had added jobs at 40% U.S. rate since 1990 US ILLINOIS
- 13. Illinois & National Economy Differences between Illinois and U.S. are trivial
- 15. Challenge loss of jobs loss of people loss of expenditure loss of business expansion
- 18. Incentive program Ended, 2010
- 21. Unsold Inventory by Price Range - Illinois
- 30. Home Sales < $100,000
- 34. Start of recession The Foreclosure Overhang…..
- 35. Inventory Accumulation Start of recession
- 36. REO: Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most foreclosure auctions equal the outstanding loan amount, the accrued interest and any fees associated with the foreclosure sale.
- 42. 2012 Illinois Sales Forecast
- 43. Chicago PMSA Sales Forecast
- 50. L L Monthly index of leading indicators for Chicago Monthly Employment analysis for state and Metro areas Illinois Economic Review (monthly) with employment forecasts for next 12 months
- 51. For More Information www.real.illinois.edu www.illinoisrelator.org/marketstats