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Expert: Better Housing Market Requires Changed Attitudes

Romeoville residents Robert and Marcella Jones say too many homes in their neighborhood are for sale or in foreclosure and many owners are just walking away from their mortgages. (Credit: CBS)

Romeoville residents Robert and Marcella Jones say too many homes in their neighborhood are for sale or in foreclosure and many owners are just walking away from their mortgages. (Credit: CBS)

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SPRINGFIELD, Ill. (CBS) — A real estate expert says homeowners should change their attitudes about the housing market.

Until they do, the rental market will soar.

LISTEN: Newsradio 780’s Alex Degman reports

Ron Abrams of the Chicago Area Association of Realtors told WBBM Newsradio 780’s Alex Degman that rental prices in his area went up about 5 percent this year compared to last, in part, because more people are holding off on buying a home.

More potential home sellers are renting their homes to help accommodate them.

Abrams says decent homes will come back on the market when the sellers get a reality check.

“The foreclosures and empty houses on your block are, unfortunately, the new comps (comparables),” he said. “The seller has to realize their house just isn’t worth what they think it is. Once the buyer and seller connect on a price, then we can move forward.”

Abrams says the current rental market is among the hottest he’s seen, and most good properties aren’t listed for long.