10:10 Economy: The Housing Market

The sharp drop in mortgage rates is an encouraging sign for our local housing market. Rockford Area Association of Realtors CEO Steve Bois thinks the local market will blossom in the spring. The spring is the time that market activity tends to pick up anyway, but Bois thinks the low interest rates and pent up demand will help it do so, even more this year. Also, with a new administration moving into Washington, Bois thinks a lot of incentives will be introduced in an attempt to rescue the housing market. But Bois says we need to be ready to capitalize on those opportunities right now.

"You need to get engaged if your interest in buying or selling a property. So when those incentives come out and I don't think they will be long term, they wil be short term in order to get the market to move. So now is a good time to be engaged in the shopping process if you will be looking to purchase a home or sell one."

Bois says local leaders have put together a wish list of investment opportunitues in our area for the Obama Administration. One of those is a communter rail service, which Bois thinks will bode well for the local job market and in turn, help homeowners pay their mortgages.


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