Housing Price Forecasts
Illinois and Chicago PMSA, August 2015
Presented To
Illinois Association of Realtors
From
R
E
A
L
Regional Economics Applications Laboratory,
Institute of Government and Public Affairs
University of Illinois
August 20, 2015
Contact:
Geoffrey Hewings 217-333-4740 (hewings@illinois.edu)
Xian Fang 217-244-7226 (fang21@illinois.edu)
Housing Forecast
August 2015
2
Housing Price Forecast: Illinois and Chicago PMSA, August 2015
The Housing Market
In July, sales and median prices both grew at medium rates. 16,901 houses were sold in Illinois,
down 7.3% from a month ago and up 8.0% from than a year ago. In the Chicago PMSA, 12,384
houses were sold, down 6.9% from a month ago and up 9.6% from a year ago. The median price
was $190,000 in Illinois, up 6.1% from July last year; the comparable figure for the Chicago
PMSA was $226,700, up 4.0% from this time last year.
Sales volume increased for regular homes and decreased for foreclosed property sales on a yearly
basis, while median prices for both types increased and stronger growth momentum was observed
for the foreclosed ones. In July, for the Chicago PMSA, the percentage of foreclosed sales (e.g.
REOs) among the total sales was 14.5%, the lowest July reading since 2009. 10,803 regular sales
were made, 14.0% more than last year. 1,632 foreclosed properties were sold, 7.1% less than last
year. The median price was $243,000 for regular property sales, 1.3% higher than last year; the
comparable figure for the foreclosed properties was $138,000, up 12.2% from this time last year.
The sales forecast for August, September and October 2015 suggests positive growth on the yearly
basis and negative growth on the monthly basis. Annually for Illinois, the three-month average
forecasts point to a change between 4.0% and 4.9%; for the Chicago PMSA, the change will range
from 6.7% to 8.1%. On a monthly basis, the three-month average sales are forecast to decrease
by 6.4%-7.7% for Illinois and 6.2%-7.5% for the Chicago PMSA.
Sale prices in July 2008 have been adjusted to 2015 values to enable calculation of the housing
price recovery taking into account the effects of inflation. In Illinois, the July 2008 median sale
price was $195,000 (in $2008) and $211,712 (in $2015); the current price level was 90% of the
2008 level after adjusting (97% before adjusting). In the Chicago PMSA, the July 2008 median
sale price is $254,950 (in $2008) and $276,800 (in $2015); and the comparable figure for price
recovery in July 2015 is 82% after adjustment (89% before adjusting). According to average
annual growth rates of prices in the past months, it could take between 1.2~1.8 years (15~22
months) for Illinois and 1.3~2.8 years (15~34 months) for the Chicago PMSA to recover to the
2008 levels.
The median price forecast indicates stronger annual growth in Illinois than the Chicago PMSA
for August, September and October. In Illinois, the median price is forecast to rise by 6.8% in
August, 9.0% in September and 9.6% in October. For the Chicago PMSA, the comparable figures
are 3.3% in August, 5.5% in September and 5.8% in October. As a complement to the median
housing price index (HPI), the REAL HPI1 forecasts milder growth for Illinois and more robust
growth for the Chicago PMSA. In Illinois, the REAL HPI (Jan 2008=1) is forecast to rise by 3.2%
in August, 6.3% in September and 6.3% in October. The comparable figures for the Chicago
PMSA are 5.1% in August, 5.8% in September and 8.4% in October. REAL HPI takes housing
characteristics into account and constructs comparable “baskets” of homes for each month.
1
REAL HPI was developed by Esteban Lopez and Minshu Du. Contact us for further details.
Housing Forecast
August 2015
3
In July, a new program-1st HomeIllinois was established and funded by the Treasury Department’s
Hardest Hit Fund. Illinois Housing Development Authority (IHDA) received $30 million from
the U.S. Treasury Department and can help up to 4,000 first-time homebuyers with a $7,500
down-payment reduction. Illinois is the second state to launch this program and ten counties are
targeted by this program based on a few distress measures such as delinquency rates, negative
equity and foreclosure rates. This is another promising governmental effort in 2015, subsequent
to the federal assistance-MyCity Modification program2 started in April and Chicago Housing
Authority’s commitment to provide additional support for affordable housing in June. What is
different in this new program is that the other two types of assistance targeted seriously delinquent
mortgage owners and affordable housing respectively. The new program seems to provide a more
direct impact on housing market activity.
Finally, the global uncertainty in July from Greece’s debt and China’s plunging stock market
probably added some downward trends in the American consumers’ sentiment. Consumer
confidence by different reporters all appeared to be decreasing. The Conference Board Consumer
Confidence index was reported decreasing sharply to 90.9 from 110.3 last month, while the
University of Michigan Consumer Sentiment Index decreased slightly to 93.1 from 96.1 last
month. Both indices highlighted the fact that consumers have more satisfaction about current
situations but more concerns for future conditions. Further, Fannie Mae’s National Housing
Survey reported that the number of people who said now is good time to buy or sell both dropped.
The Housing Market – Current Condition



2
In July, sales and median prices both grew at medium rates. 16,901 houses were sold in
Illinois, down 7.3% from a month ago and up 8.0% from than a year ago. In the Chicago
PMSA, 12,384 houses were sold, down 6.9% from a month ago and up 9.6% from a year ago.
The median price was $190,000 in Illinois, up 6.1% from July last year; the comparable figure
for the Chicago PMSA was $226,700, up 4.0% from this time last year. (Reference: Illinois
and Chicago PMSA Total Home Sales and Median Home Sales Price figures; Forecast for
August 2015 report table)
In July, for the Chicago PMSA, the percentage of foreclosed sales (e.g. REOs) among the total
sales was 14.5%, the lowest July reading since 2009. 10,803 regular sales were made, 14.0%
more than last year. 1,632 foreclosed properties were sold, 7.1% less than last year. The
median price was $243,000 for regular property sales, 1.3% higher than last year; the
comparable figure for the foreclosed properties was $138,000, up 12.2% from this time last
year.
In July, at the latest average annual pending sales rate, Illinois had enough housing inventory
for 5.5 months3 (down from 6.4 months a year ago). In the Chicago PMSA, the comparable
figure was 4.2 months (down from 5.0 months a year ago). Months of supply are increasing
for homes in all price ranges above $500K and decreasing for homes below $500K in both
Illinois and the Chicago PMSA. (Reference: Illinois and Chicago PMSA Annual Months’
Supply by Price Range figures)
More details in April forecast report
Months’ supply of inventory is defined as inventory of homes for sale at the end of the month divided by the
average monthly pending sales in the last twelve months.
3
Housing Forecast

August 2015
4
In July, the market shares of homes priced below $100K experienced the largest drop
compared to a year ago. In Illinois, the market share for homes in this price range decreased
to 19.2% from 23.3% a year ago; the comparative figure for the Chicago PMSA decreased to
12.2% from 16.4% a year ago. (Reference: Illinois and Chicago PMSA Price Stratification
figures)
The Housing Market – Forecast and Future Condition





4
The median price forecast indicates stronger annual growth in Illinois than the Chicago PMSA
for August, September and October. In Illinois, the median price is forecast to rise by 6.8%
in August, 9.0% in September and 9.6% in October. For the Chicago PMSA, the comparable
figures are 3.3% in August, 5.5% in September and 5.8% in October. (Reference: Forecast for
August 2015 report table)
As a complement to the median housing price index (HPI), the REAL HPI4 forecasts milder
growth for Illinois and more robust growth for the Chicago PMSA. In Illinois, the REAL HPI
(Jan 2008=1) is forecast to rise by 3.2% in August, 6.3% in September and 6.3% in October.
The comparable figures for the Chicago PMSA are 5.1% in August, 5.8% in September and
8.4% in October. REAL HPI takes housing characteristics into account and constructs
comparable “baskets” of homes for each month. (Reference: Housing Price Index)
The sales forecast for August, September and October 2015 suggests negative and positive
growth respectively on the monthly and yearly basis. Annually for Illinois, the three-month
average forecasts point to a change between 4.0% and 4.9%; for the Chicago PMSA, the
change will range from 6.7% to 8.1%. On a monthly basis, the three-month average sales are
forecast to decrease by 6.4%-7.7% for Illinois and 6.2%-7.5% for the Chicago PMSA.
(Reference: Forecast for August 2015 report table)
The pending home sales index5 is a leading indicator based on contract signings. This July,
homes put under contract were more than last year but less than last month. The pending home
sales index is 160.3 (2008=100) in Illinois, down 7.0% from last month and up 2.2% from a
year ago. In the Chicago PMSA, the comparable figure is 189.2, down 5.6% from a month
ago and 9.3% from a year ago. (Reference: Illinois and Chicago PMSA Pending Home Sales
Index figure)
In July 2015, 1,932 houses were newly filed for foreclosure in the Chicago PMSA (down 17.1%
and 3.6% respectively from a year and a month ago). 1,539 foreclosures were completed6
(down 45.7% and 3.3% respectively from a year and a month ago). As of July 2015, there are
34,701 homes at some stage of foreclosure — the foreclosure inventory. The average
inventory change rates7 were 1.7% in the past 6 months, 0.3% in the last 12 months and -3.0%
in the last 24 months. Given the 24-month rate of change, the foreclosure inventory would
return to the pre-bubble levels8 by April 2018. According to the positive 6-month rate and
trivial 12-month rate, the inventory will increase (Reference: Chicago PMSA Foreclosure
Activity and Inventory figures).
REAL HPI was developed by Esteban Lopez and Minshu Du. Contact us for further details.
The base level (100) of pending home sales is the average pending home sales of year 2008.
6
Including estimated foreclosure completions that are missing in the data.
7
The range of months used for calculating the average change rates are modified from the 6/12/24 months’
scenarios to 3/6/9 months’ scenarios since Aug 2014.
8
Average foreclosure inventory from 1997-2005
5
Housing Forecast
August 2015
5
The Economy



In July 2015, according to the Bureau of Labor Statistics (BLS) Employment Situation report,
the national unemployment rate kept unchanged at 5.3% and nonfarm payroll jobs
experienced gains of 215,000 jobs. Among all industries, retail trade added the most jobs
(+36,000), followed by health care (+28,000), and professional and technical services
(+27,000).
In June 2015, according to the Illinois Department of Employment Security (IDES) news
release, the Illinois unemployment rate edged down to 5.9%. A total of 7,500 non-farm
payroll jobs were shed. Given the negative job growth, it indicated the decreasing
unemployment rate is also attributed to people that left the workforce. The revised data
indicates May had 9,200 job gains, more than the preliminarily reported 7,400. (not updated)
In June 2015, the one-year-ahead forecast for Illinois indicates that the non-farm employment
will increase at a rate between 0.45% and 0.75%, corresponding to job gains between 26,600
and 44,200. The total gains are forecast to be contributed by five out of ten sectors:
construction (2.73%; 5,700), trade, transportation and utilities (0.50%; 5,900), professional
and business services (2.46%; 23,100), education and health (1.30%; 11,700), and leisure and
hospitality (0.93%; 5,200).
Longer-term Outlook

In July, both consumer indices decreased. The Conference Board Consumer Confidence index
was reported decreasing sharply to 90.9 from 110.3 last month, while the University of
Michigan Consumer Sentiment Index decreased slightly to 93.1 from 96.1 last month. Both
indices pointed that consumers have more satisfaction on current situations than future
conditions.

The Chicago Business Activity Index (CBAI) increased to 95.8 in May from 93.5 in April.
The rise is attributed to the job growth in the manufacturing and construction sectors in the
Chicago area.(not updated)
“Sales growth, on a yearly basis, returned to more modest rates last month after the rapid monthly
change the previous month,” noted Geoffrey J.D. Hewings, Director of the Regional Economics
Applications Laboratory. “Prices in Illinois are forecast to grow more strongly than in Chicago,
although the gap is narrowed when using the new REAL Housing Price Index that captures house
characteristics. Foreclosures continue to play a smaller role in the housing market – while the
foreclosure inventory in relatively unchanged sales prices for foreclosed properties continue to
increase.”
Housing Forecast
August 2015
6
Forecast for August 2015 report
PERCENTAGE CHANGE FOR THE TOTAL NUMBER OF SALES
Annual
Illinois
Monthly
Chicago PMSA
Illinois
Chicago PMSA
May-15
6.9%
8.6%
16.2%
16.1%
Jun-15
14.0%
16.0%
19.9%
22.7%
Jul-15
8.0%
9.6%
-7.3%
-6.9%
9.8%
11.5%
8.2%
9.1%
3 Month Avg.
SUMMARY OF THE FORECAST INTERVALS FOR THE TOTAL NUMBER OF SALES
Annual
Illinois
Monthly
Chicago PMSA
Illinois
Chicago PMSA
Aug-15
2.9%
3.5%
4.0%
4.9%
-8.4%
-10.2%
-10.6%
-12.9%
Sep-15
5.4%
6.5%
7.6%
9.2%
-9.9%
-11.9%
-8.6%
-10.5%
Oct-15
3.9%
4.7%
8.7%
10.5%
0.0%
0.0%
1.9%
2.3%
4.0%
4.9%
6.7%
8.1%
-6.4%
-7.7%
-6.2%
-7.5%
3 Month Avg.
SUMMARY OF THE FORECAST FOR THE MEDIAN PRICE
Illinois
Chicago PMSA
Illinois
Chicago PMSA
May-15
$181,000
$221,000
Apr-14
$155,000
$190,000
Jun-15
$194,000
$232,000
May-14
$167,499
$207,000
Jul-15
$190,000
$226,700
Jun-14
$179,000
$220,000
Aug-15
$186,896
$222,145
Jul-14
$179,000
$218,000
Sep-15
$176,522
$205,784
Aug-14
$175,000
$215,000
Oct-15
$173,147
$195,680
Sep-14
$162,000
$195,000
ANNUAL PERCENTAGE CHANGE OF THE MEDIAN PRICE
Illinois
Chicago PMSA
Illinois
Chicago PMSA
May-15
8.1%
6.8%
Apr-14
6.9%
9.9%
Jun-15
8.4%
5.5%
May-14
8.1%
13.1%
Jul-15
6.1%
4.0%
Jun-14
5.3%
7.3%
Aug-15
6.8%
3.3%
Jul-14
7.2%
9.0%
Sep-15
9.0%
5.5%
Aug-14
6.1%
9.1%
Oct-15
9.6%
5.8%
Sep-14
4.5%
5.4%
Housing Forecast
August 2015
7
Median Prices and Recovery
Illinois
[$2008]
$195,000
$175,002
Adjusted
Unadjusted
July 2008 Median Price
July 2015 Median Price
Price Ratio
(July 15/July 08)
[$2015]
$211,712
$190,000
0.90
0.97
Chicago PMSA
[$2008]
[$2015]
$254,950
$276,800
$208,805
$226,700
Adjusted
0.82
Unadjusted
0.89
Recovery Forecasts using Annually Growth Rates
Current Month
Past 3 months
Past 6 months
Past 9 months
Past 12 months
Illinois
Annual
Recovery Rate*
Chicago PMSA
Years to
Recover**
Recovery Rate
Years to
Recover
6.1%
7.4%
9.2%
8.2%
7.0%
1.8
1.5
1.2
1.4
1.6
3.9%
5.3%
8.9%
7.8%
7.1%
2.8
2.1
1.3
1.4
1.6
*Annual recovery rate is the average of annual change rates in past months
** Years to recover is calculated using the following formula:
PriceJuly2015*(1+recovery rate)^years=PriceJuly2008. Prices used in the formula are inflation
adjusted. The recovery rate is applied as a constant annual change rate to recoup the differences
between the current month and its corresponding month in 2008.
Housing Forecast
August 2015
8
Housing Forecast
August 2015
9
Foreclosed Properties
Regular Properties
All Properties
Jan-14
Sep-13
May-13
Jan-13
Sep-12
May-12
Jan-12
Sep-11
May-11
Jan-11
Sep-10
May-10
Jan-10
Sep-09
May-09
Jan-09
Sep-08
May-08
Jan-08
May-15
$50,000
May-15
$100,000
Jan-15
$150,000
Jan-15
$200,000
Sep-14
$250,000
Sep-14
$300,000
May-14
Median Sales Price: Foreclosed vs. Regular Sales
May-14
Jan-14
Sep-13
May-13
Jan-13
Sep-12
May-12
Jan-12
Sep-11
May-11
Jan-11
Sep-10
May-10
Jan-10
Sep-09
May-09
Jan-09
Sep-08
May-08
Jan-08
Housing Forecast
August 2015
10
Ratio of Foreclosed Sales over Total Sales
Chicago PMSA - 3 Month Average
35%
30%
25%
20%
15%
10%
5%
0%
Housing Forecast
August 2015
11
Sales: Foreclosed vs. Regular
Chicago PMSA
12,000
10,000
8,000
6,000
4,000
2,000
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Regular 2013
Regular 2014
Regular 2015
Foreclosed 2013
Foreclosed 2014
Foreclosed 2015
Oct
Nov
Dec
Oct
Nov
Dec
Median Sales Price: Foreclosed vs. Regular
Chicago PMSA
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Regular 2013
Regular 2014
Regular 2015
Foreclosed 2013
Foreclosed 2014
Foreclosed 2015
Chicago PMSA_Median
Chicago PMSA_REAL
1
0.9
0.8
0.7
0.6
0.5
0.4
Jan-15
Sep-14
May-14
Jan-14
Sep-13
May-13
Jan-13
Sep-12
May-12
Jan-12
Sep-11
May-11
Jan-11
Sep-10
May-10
Jan-10
Sep-09
May-09
Jan-09
Sep-08
May-08
Jan-08
Sep-15
1.1
Sep-15
Chicago PMSA Housing Price Index (Jan 2008=1)
May-15
IL_REAL
May-15
Jan-15
Sep-14
May-14
Jan-14
IL_Median
Sep-13
May-13
Jan-13
Sep-12
May-12
Jan-12
Sep-11
May-11
Jan-11
Sep-10
May-10
Jan-10
Sep-09
May-09
Jan-09
Sep-08
May-08
Jan-08
Housing Forecast
August 2015
12
Illinois Housing Price Index (Jan 2008=1)
1.1
1
0.9
0.8
0.7
0.6
0.5
0.4
20
Jan-08
Mar-08
May-08
Jul-08
Sep-08
Nov-08
Jan-09
Mar-09
May-09
Jul-09
Sep-09
Nov-09
Jan-10
Mar-10
May-10
Jul-10
Sep-10
Nov-10
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Housing Forecast
August 2015
IL Pending Index
13
Pending Home Sales Index (2008=100)
260
220
180
140
100
60
Chicago Pending Index
Source: University of Illinois REAL, Illinois Association of REALTORS®
Housing Forecast
August 2015
14
Illnois Annual Months' Supply by Price Range
5.5
Overall
6.4
11.3
10.9
700K~UP
7.8
Price by Ranges
500K~700K
7.2
6.4
6.7
300K~500K
5.3
200K~300K
6.4
4.7
100K~200K
2015 July
5.9
2015 Jun
5.1
0 ~100K
-1.0
2014 July
6.2
1.0
3.0
5.0
7.0
9.0
11.0
13.0
15.0
Source: University of Illinois REAL, Illinois Association of REALTORS®
Chicago Annual Months' Supply by Price Range
4.2
Overall
5.0
8.9
700K~UP
8.5
6.0
Price by Ranges
500K~700K
5.5
4.9
300K~500K
5.1
4.1
200K~300K
5.0
3.4
100K~200K
2015 July
4.5
2015 Jun
3.0
0 ~100K
2014 July
4.5
0.0
2.0
4.0
6.0
8.0
10.0
12.0
Chicago PMSA: Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties
Source: University of Illinois REAL, Illinois Association of REALTORS®
Housing Forecast
August 2015
15
Illinois Price Stratification
40%
2015 July
35%
31.4% 31.3%
2015 Jun
Share of Total Sales
30%
2014 July
25%
23.3%
21.8%
19.2%
19.6%
20%
17.7%
16.2%
15%
10%
5.2%
5%
5.3%
4.7%
4.3%
0%
0 ~100K
100K~200K
200K~300K
300K~500K
500K~700K
700K~UP
Source: University of Illinois REAL, Illinois Association of REALTORS®
Chicago PMSA Price Stratification
40%
2015 July
35%
28.3%
30%
2015 Jun
28.1%
2014 July
Share of Total Sales
24.3%
25%
22.2%
22.0%
20.4%
20%
16.4%
15%
10%
12.2%
6.9% 7.1%
6.4%
5.9%
5%
0%
Chicago PMSA: Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties
Source: University of Illinois REAL, Illinois Association of REALTORS®
Housing Forecast
August 2015
16
Illinois House Characteristics Stratification by Bedroom
45%
42.8%
42.7%
2015 July
40%
2015 Jun
35%
2014 July
30%
23.7%
25%
24.3%
23.3% 23.2%
20%
15%
10%
4.4%
5%
4.8%
4.4%
4.5%
0.9%
0.9%
0%
1 Bedrooms
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 Bedrooms
Other
Source: University of Illinois REAL, Illinois Association of REALTORS®
Chicago PMSA House Characteristics Stratification by Bedroom
45%
39.5%
40%
2015 July
39.2%
2015 Jun
35%
2014 July
30%
25.3%
26.3%
23.8% 23.7%
25%
20%
15%
10%
5.5%
5.6%
4.8%
5%
4.3%
1.0%
1.0%
0%
1 Bedrooms
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 Bedrooms
Other
Chicago PMSA: Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties
Source: University of Illinois REAL, Illinois Association of REALTORS®
Housing Forecast
August 2015
17
Illinois House Characteristics Stratification by Bathroom
50%
46.5%
2015 July
45%
2015 Jun
40%
33.4%
35%
37.0%
2014 July
27.5%
30%
25%
20%
19.0%
15%
12.1%
11.4%
8.8%
10%
5%
1.9%
2.4%
0%
1 Bathrooms
2 Bathrooms
3 Bathrooms
4 Bathrooms
Other
Source: University of Illinois REAL, Illinois Association of REALTORS®
Chicago PMSA House Characteristics Stratification by Bathroom
60%
53.7%
2015 July
2015 Jun
50%
2014 July
37.9%
40%
30.4%
29.3%
30%
20.1%
20%
13.1%
9.4%
10%
2.2%
2.9%
0.9%
0%
1 Bathrooms
2 Bathrooms
3 Bathrooms
4 Bathrooms
Other
Chicago PMSA: Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties
Source: University of Illinois REAL, Illinois Association of REALTORS®
100000
Average Inventory 1997-2005
80000
60000
40000
20000
0
Jan-14
Sep-13
May-13
Jan-13
Sep-12
May-12
Jan-12
Sep-11
May-11
Jan-11
Sep-10
May-10
Jan-10
Sep-09
May-09
Jan-09
Sep-08
May-08
Jan-08
Sep-07
May-15
Jan-15
May-15
Jan-15
Sep-14
Foreclosure Inventory
May-14
120000
Sep-14
Chicago PMSA Foreclosure Inventory and Pre-bubble Level
May-14
Jan-14
Sep-13
May-13
Jan-13
Sep-12
May-12
Jan-12
Sep-11
May-11
Jan-11
Sep-10
May-10
Jan-10
Sep-09
May-09
Jan-09
Sep-08
May-08
Jan-08
Sep-07
May-07
May-07
Jan-07
Sep-06
May-06
Jan-06
10000
Jan-07
Sep-06
May-06
Jan-06
Axis Title
Housing Forecast
August 2015
18
12000
Chicago PMSA New Foreclosure Filings and Foreclosure Sales
New foreclosure filings
Foreclosure Sales
8000
6000
4000
2000
0
Housing Forecast
August 2015
19
Chicago PMSA Foreclosure Inventory Recover Schedule
120000
April, 2018
100000
80000
60000
40000
20000
Inventory Projection with the last 24 months' inventory change rate
Foreclosure Inventory
Jan-27
Aug-27
Mar-28
Nov-25
Jun-26
Sep-24
Apr-25
Jul-23
Feb-24
May-22
Dec-22
Mar-21
Oct-21
Jan-20
Aug-20
Nov-18
Jun-19
Sep-17
Apr-18
Jul-16
Feb-17
Oct-14
May-15
Dec-15
Aug-13
Mar-14
Jun-12
Jan-13
Apr-11
Nov-11
Feb-10
Sep-10
Dec-08
Jul-09
Oct-07
May-08
Jan-06
Aug-06
Mar-07
0
Average Inventory 1997-2005
Housing Forecast
August 2015
20
Housing Forecast
August 2015
21