Region's Housing Market Remains Stable
Galesburg, IL – It appears this region is showing few effects from the housing market rollercoaster.
John Spittell, professor of Business and Management at Knox College, says the region did not experience the fall-off in the housing market that happened elsewhere.
"Negative effects of the economic downturn in terms of real estate values, while they were felt here, they were nowhere near as severe as in Miami or Nevada or some of the other places that are making headlines," says Spittell.
However, Spittell says some aspects of the region's housing market have experienced a bit of a decline. "You've seen some deterioration in large homes, homes that would have a limited market in terms of buyers," he says.
Spittell says stable housing markets don't show significant deterioration in prices. But he adds there is also little appreciation.