A Key tax credit that has helped prop up our local housing market for the last year... Is set to expire in 10 days . In tonight's Economy Rockford report... Why a local expert believes a boom could hit our housing market.. despite the credit expiration.
Rockford's housing market is starting to move in the right direction after three straight months of sales gains . 23 News Mortgage expert Terry Bloom says his clients are becoming more optimistic about their future, but notes it could take several months for potential buyers to catch up on their finances, before they feel comfortable buying a home.
Bloom says to sustain the gains, people need a sense that jobs are starting to return. Once this happens he says we could see the boom return to our housing market.
" In most cases you have one spouse that is employed and the other spouse might be unemployed to where now you have a dual income household. It's almost instant they would be interested in purchasing a new home, at least that's what we hope."