The Illinois Association of Realtors (IAR) has announced that the residential sales activity for May 2008 had outperformed April of 2008 by 17.3%.

According to the National Association of Realtors (NAR), the increase in residential sales activity is attributable to home buyers responding positively to lower asking prices.

According to the Illinois Regional Economic Applications Laboratory, the quantity of homes sale sis expected to decline in July 2008 and maintain a steady pace in August 2008. Click the link for the full residential real estate forecast for Illinois and Chicago.

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