Illinois Job Market Down, But Housing Market Continues Upswing
The Illinois unemployment rate rose slightly in June. The state department of employment security reports that the jobless rate came in at 8.7%, slightly up from the 8.6% mark in May. Spokesperson with the IDES Greg Rivara says it is still a significant improvement over last year…
Losses for the month were mostly seen in the government sector. The national unemployment rate for June remained unchanged at 8.2%.
While the job market has hit a bump in the road, the Illinois Realtor Association is reveling that housing numbers have increased once again. The numbers show an 18% increase in home prices last month when compared with June of 2011. Association President Loretta Alonzo says that's because short sales and foreclosures are selling and leaving the market. The median home price in Illinois last month was $155,000, up nearly 3.5% from this time last year.
Alonzo stopped short of saying the uptick signals a complete recovery, but she's optimistic given the three straight months of positive data. She says realtors will signal a recovery if the trend continues through the end of the fall.