We all know we are in a recession. We are overwhelmed with negative news every day, so why do we still see the “It’s Better Here” commercials? Compared to a lot of the country, the Peoria area is doing better. It is more stable.
In a recent interview, Pat McCarthy, President of the Peoria Association of REALTORS (PAAR), stated when it comes to the real estate market in this region, “Peoria has been very very lucky.” He also said while the state was down 24% in home sales, the Peoria area was less than half that, just over 11% down.
According to Jim McConoughey, President/CEO of the The Heartland Partnership, we have conservative lending practices and our lenders were cautious when they evaluated the value of homes in this region and our banks only loaned to only people who could pay it back. We didn’t have a big predatory lending issue here.
Find out more by watching the complete interview with Pat McCarthy, Jim McConoughey, and Bradley University Economist, Dr. Joshua Lewer, from the following links:
http://www.edc.centralillinois.org/news/ecomonic-climate-housing
http://www.peoriachamber.org/goto/EconClimate09Housing
Please contact us if you have any questions.
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