CHICAGOLAND REAL ESTATE MARKET JANUARY – APRIL 2010

In the first four months of 2010, the Chicagoland real estate market showed significant improvement over last year with gains in the number of homes sold and other key real estate metrics. More than 5.7 billion dollars of homes were sold throughout the region with an average MLS sale price of $227,708, which is very near the average sale price one year ago.

MARKET VELOCITY COMPARED TO 2009

The market continues to absorb inventory, with the numbers of months’ supply dipping well below nine months in April, after climbing above twenty months at the beginning of last year. The number of homes for sale in April increased slightly from the previous month, while the average market time continues to shorten. The number of units sold was 43 percent above April 2009, with a corresponding 49 percent increase in dollar volume.

The positive trend is likely to continue, as the number of contracts remains strong. In April, pending sales reached their highest point in two years, with written business nearly double that of April 2009.

MORTGAGE UPDATE – RATES REMAIN NEAR 5%

Rates for 30 year fixed loans stayed near five percent throughout the month of April briefly increasing to 5.21 percent, then declining for three weeks to 5.00 percent for the week ending 5/6/2010. Attractive loan rates continue to be a strong factor for both move-up and new buyers, along with increased affordability and a wide selection of homes.

KOENIG & STREY

There is a tremendous amount of activity at Koenig & Strey Real Living. We are launching our new branding and identity while doing an exceptional volume of business. With a 66 percent increase in the number of homes sold in 2010, we are performing well above the 40 percent increase in the rest of the Chicagoland market.

If you are looking to buy or sell your Chicagoland Home, look no further. Marina Jacobson of Koenig & Strey can help you with all of your Real Estate needs. We use inovative marketing online to find you your dream home and when listing your home we make sure you home is on top of the market. Call me, Marina Jacobson 847-510-5009 or email me Marina@MarinaJacobsonHomes.com for more information on buyer or seller a Chicagoland Home. Visit MarinaJacobsonHomes.com for all of your Real Estate needs.

New Short Sale Guidance

To make it more attractive for the services to accept a sale on defaulted properties for less than the outstanding mortgage balance, the US  Treasury is offering incentive payments of $1,000 per completed short sale. Services will also receive $1,000 for each deed-in-lieu of foreclosure.  Read More…

If you owe more than your house is worth and can’t afford your payments, you might be able   to

sell  it for less than you owe — without having to pay the lender the difference.

Click Here for More Information

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]]> http://www.marinajacobsonhomes.com/use-a-short-sale-to-escape-foreclosure/feed 0 http://www.marinajacobsonhomes.com/chicagoland-quarterly-housing-report-glenview-northbrook-morton-grove-skokie-chicago-market-update http://www.marinajacobsonhomes.com/chicagoland-quarterly-housing-report-glenview-northbrook-morton-grove-skokie-chicago-market-update#comments Sat, 26 Sep 2009 14:42:00 +0000 Marina http://www.marinajacobsonhomes.com/?p=627 Chicago and Surrounding Suburbs comparing the current quarter sales statics this year to last year at the same time.  Detached Property Report in PDF  This report is very comprehensive and will give you the same information that the lenders are using in making new loans today.  Attached Property Report Please do take some time and look this over and call me if you have any questions.

Source: Washington Post Writers Group, Kenneth R. Harney (08/22/2009)

Great News! Low mortgage rates help reinforce housing market.

Click Here For More Information.

Previously, most buyers wouldn’t receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.

“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at “The Real Estate Summit: Advancing the U.S. Economy,” at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C..

He says FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Other Solutions for Today’s Market

During his address at the summit, Donovan went on to say that the Obama administration plans to further stabilize the housing market. “I do think we have some early signs that the market overall is stabilizing,” Donovan says. “Since January we’ve seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate.”

The morning session included a panel discussion that was moderated by CNBC’s Ron Insana. Panelists examined cutting-edge solutions necessary to promote and preserve homeownership and real estate development, stimulate the economy, and protect the nation’s taxpayers. They also shared their ideas on what the role and responsibility of the federal government is in the revitalization effort.

“Right now the Federal Reserve is the market,” said panelist Jay Brinkman, chief economist for the Mortgage Bankers Association. “What will be the effect when the Fed stops buying?” Brinkman explained that an exit strategy must be planned for the long-term; the federal government cannot continue to support the mortgage markets indefinitely.

“We are thrilled that so many high-caliber individuals were able to join us today at this important meeting to promote stability in the housing market and the U.S. economy,” said NAR President Charles McMillan. “We look forward to an ongoing dialogue and action toward this goal, during our midyear meetings this week and beyond.”

The real estate summit is part of the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo. During the week ending May 16, more than 8,500 REALTORS® will attend meetings, visit lawmakers and inspire action on Capitol Hill.

Source: NAR