I want to re-iterate the PRIMARY rule of Chicago Housing Bubble: real estate is a LOCAL business. I'll never understand how national numbers are helpful to anyone, anywhere.
Tomorrow I'll be sharing the month/month numbers over the past 5 years in our watch neighborhoods. What you'll see is that November and December were up dramatically from 2008. And January should be interesting to see as well (but we don't have a Delorean, so we'll just have to wait).
Meanwhile, here's the excerpt/link:
Contract activity for pending home sales fell after a surge of activity in preceding months to beat the original deadline for the first-time home buyer tax credit but remains comfortably above a year ago, according to the National Association of Realtors®.
via www.realtor.org
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