There’s a lot of action on the housing market, thanks in part to low interest rates, but that’s not enough to stimulate the rest of the economy, according to a new state report. Ed Boss, chief economist for the Illinois Commission on Government Forecasting and Accountability, says, “The forecast service says purchases of goods and services by the federal government are going down, as well as (by) the state … the housing part of the consumer sector, while it’s improving, other sectors are weakening.”
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Boss says as long as it’s not clear who will be president next year, businesses will be reluctant to make big commitments. As far as existing home sales go, Boss says they’re at their highest level since May 2010, with the median price up 9.5 percent from this time last year.