“The inventory in both the state and Chicago markets suggest that demand has begun to return to the housing market,” noted Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois. “However, foreclosed properties are accounting for a sizeable portion of these sales. The good news is that foreclosed sales are outpacing new additions to the foreclosure inventory but at a cost of dampening median price increases.”
The Illinois Association of REALTORS® has affiliated with the University of Illinois Regional Economics Applications Laboratory (REAL) to develop a housing forecasting model based on Multiple Listing Service sales reported by 31 participating Illinois REALTOR® local boards and associations.
The research links economic indicators with real estate trends and indicators for the state of Illinois as a whole and the Chicago PMSA.
Leading the research team is Dr. Geoffrey J.D. Hewings, director of REAL, professor of Geography, of Economics and of Urban and Regional Planning for the University of Illinois Department of Economics. He earned his B.A. from the University of Birmingham in the United Kingdom and his M.A. and Ph.D. from the University of Washington in Seattle.
His major research interests are urban and regional economic analysis with a focus on the design and application of regional economic models. For this he travels all over the world including several modeling projects in Brazil, Colombia, Japan, Korea and Indonesia.