Is Housing Nearing the Floor?

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James Erin De Jauregui for TIME

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Getting it built and getting it sold are not the same thing. Many of the gleaming building's units remain unsold, and The Donald's lenders are looming. Roughly 75% of the 4,900 condominium units under construction in downtown Chicago are already sold. That's good, but next year the number of new units coming onto the market is expected to drop to 4,600, and only 60% are sold, according to Appraisal Research Counselors, a consulting firm that tracks downtown Chicago real estate.

Experts say some areas of downtown Chicago are most likely to recover first. But it is the areas that were just beginning to experience redevelopment, or any development, where recovery is likely to be the most drawn-out, if it happens at all.

There are too many moving parts in the economy now to say when things might hit bottom. But what is in place--realistic pricing, some banks willing to deal and maybe a mortgage bailout--should provide some friction against a big slip. That should allow home buyers to take some comfort--and sellers to make some cash.