Talking points for the Illinois housing market in advance of the Nov. 28 October housing release.

IAR will release data to the media for October 2007 home sales and prices statewide and the Chicago PMSA. In the release, IAR president Kay Wirth says: “The strength of the Midwest market is evident during this transition year for housing as we see prices in Illinois hovering about even and in many areas appreciating well. Slower sales can be attributed to many factors which still include credit tightening and overall buyer wariness, but in Illinois of course we’re beginning to enter the holiday and winter seasons when a slowdown is to be expected--

Some may look back at this time and see an opportunity missed with interest rates so low and a nice selection of homes on the market.

The FHA market share for home purchases is expected to further accelerate in 2008, helping first-time buyers enter the market with a safer and lower interest rate mortgage product.

A typical homeowner had $184,400 in net worth versus only $4,000 for a typical renter, according to data from the Federal Reserve.

On average, the value of a home nearly doubles every 10 years.