Both home prices and interest rates are on the rise in the Rockford area according to local realtors.
Figures released by Rockford Area Realtors say interest rates are about 24 percent higher than they were one year ago, with the government shutdown appearing to affect overall sales. Realtors say that while the numbers fluctuate from month to month, the local housing market is still pointing in the right direction.
"We are recovering, but it has been a soft market," Rockford Area Realtors President Steve Bois said. "It's not been a skyrocketing recovery kind of scenario. Hopefully it will sustain over a longer period of time."
Bois says if current trends continue through the end of the year, it will be the first year-over-year increase for two years since 2004 to 2006.
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