“The housing market continues to provide evidence of a return to more normal conditions,” noted Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois. “Sales continue to increase on a month-to-month basis although they have been unable to match the stellar gains of last year. The impact of foreclosures continues to decrease with the expectation that the numbers of foreclosed properties on the market will return to pre-recession levels sometime in the next 6-12 months. Homeownership rates for retiring Baby Boomers continue to increase providing some potential medium-term housing market growth opportunities.”
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.