First Quarter of 2015 Shows Growth of 1.3% in House Prices The Spring Housing Market can be a good indicator for where we are headed. Midwest sales are up an average of 12.1 percent as a whole, and the Chicago housing market is seeing home sales up 6.4% compared to 2014 numbers. Let’s take a look at… READ MORE
Overview of the Chicago Real Estate Market For the period Dec 14 to Mar 15, average price per square foot for Chicago IL was $192, an increase of 9.1% compared to the same period last year. The median sales price for homes in Chicago IL was $212,000 based on 3,348 home sales. Compared to the… READ MORE
Millennials Attracted to Urban Market The Chicago market may benefit from the demographic and societal trends showing millennials are attracted to urban markets, according to Jonathan Smoke, Realtor.com’s chief economist. Chicago home prices, while recovering, have not appreciated as much as they have in other markets. “Chicago is one of the few cities that offer both (an urban… READ MORE
National home sales are at a three year high. After climbing steadily for the past three months, November’s Pending Home Sales Index rose 1.7 percent to 106.4. This is the highest the Index has reached since April 2010, when the deadline for the home buyer tax credit was approaching. But November’s increase isn’t due to… READ MORE
5 Signs that Now is a Good Time to Buy Homes are spending less time on the market. A year ago, the median time it took a house to sell was 96 days. Now the median time has been shortened to just 71 days. A shortage of inventory, an increase in demand, and those ever-favorable mortgage… READ MORE
If you’ve been paying any attention to the news, you doubtless know that the United States is rapidly approaching a “fiscal cliff.”
The Mortgage Bankers Association’s seasonally adjusted index of mortgage application activity fell 1.2 percent in the first week of October. The index measures mortgage applications for both home purchases and refinancing; the former rose, while the latter dropped. Refinancing applications fell 2 percent, but even with the decline, the volume of applications still remains close… READ MORE
Many people have failed to notice that the real estate market is starting to show surprising signs of strength. The latest piece of good news has come from a report by RealtyTrac, an internet company that specializes in the foreclosure market. According to their most recent numbers, year-over-year foreclosure filings fell by 16% in September,… READ MORE
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