30-Year Fixed Rate at New Low

The interest rate on a 30-year fixed mortgage has reached the lowest level since September 2005. This according to Feddie Mac as economic conditions worsen resulting from the dreaded credit crunch. These new lows are prompting more homeowners to refinance and likely to stimulate buyers entering the real estate market this year.

Read more about mortgage rates at MarketWatch.

Chicago Area Median Home Prices Notch Up vs. State

According to the Illinois Association of Realtors, the Chicago area median home sale price in November was $247,000, up 0.8 percent from $245,000 in November 2006. Statewide, the median sale price was $193,000 for the month, down 3 percent from a year ago.

In Illinois overall the association report states that there were 9,021 total home sales of single-family homes and condos in November, down 20.4 percent from November 2006. Year-to-date, sales were down 16.3 percent to 131,497 homes sold January through November, compared to the same period a year ago. In the Chicago area, home sales totaled 5,772 in November 2007, down 23.9 percent from the same month last year. Year-to-date, sales were down 19.6 percent to 87,624.

For more useful infornmation visit http://www.heldtrealty.com/consulting.htm

Illinois Bucks the Foreclosure Trend

The number of U.S. homes now in foreclosure has more than doubled in the third quarter according to an Associated Press article published on November 2nd. Illinois foreclosure filings however, have declined in the through the same period. Illinois claimed 20,008 foreclosure filings in the third quarter on 19,128 properties, bucking the trend with a 4.2 percent decrease from the previous quarter and a slight 3.4 percent increase over the same period last year.

The lead story regarding foreclosures nationally paints a bleak picture but not necessarily for Illinois. For more information regarding foreclosure data and general real estate questions, please visit my consulting page at Heldt Realty.

Illinois Median Home Price Holds Steady

For those of you intersted in learning more about the Illinois real estate market, you may find the following reports of interest. The Illinois Association of Realtors recently released their September 2007 Illinois Housing Sstatistics. the report states that the Illinois median price held steady in the second quarter of 2007 while total home sales were off 16.1 percent from a year ago.

Read the entire report >>

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Mortgage Rates Drop Sharply

News out of Washington via the AP wire: Interest rates on 30-year mortgages dropped this week to the lowest point in four months. This could very well provide some relief for people hoping to refinance their existing mortgages and for those purchasing new or existing homes.

Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.31 percent this week, the lowest level since May 17, when 30-year mortgages averaged 6.21 percent. The rate had been 6.46 percent last week. Read more >>

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Pending Home Sales Fall 12.2%

The National Association of Realtors reported today that contract signings on existing homes fell by 12.2% in July. That's the steepest decline since the pending home sales index was initiated in 2001. The decrease in pending home sales occurred in all four regions of the U.S.

For tips on selling your home in a buyer's market, visit my consulting page.

Existing Home Sales at a 5-Year Low

MarketWatch reports this morning that U.S. sales of existing homes fell 3.8% in June to a new low of 5.75 million, the lowest rate since November 2002. The National Association of Realtors publishes these numbers on a monthly basis. Also reprted are the median sales price of an existing home; up 0.3% to $230,100 since June of 2006. It's the first time in 11 months that median sales prices did not fall compared with a year ago.

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Inventory of Previously Owned Homes For Sale on the Rise

The National Association of Realtors today report that inventories of homes on the market rose by 5% to a record 4.43 million, representing an 8.9-month supply at the May sales pace. That's the biggest overhang of inventory since June 1992, at the tail end of the last housing bust. You can read the full report on MarketWatch.

If you are buying or selling a home in these uncertain economic times, and you need a bit of advise, be sure to check into my Real Estate Consulting services.

Slumping Housing Market Could Result in Lower Prices

Lower prices for new and existing homes could be on the horizon according to a recent MarketWatch report. The article quotes a Banc of America Securities official who states; "The resale market could suffer from home-builders cutting prices on new homes to shore up sagging sales. As a result, existing homes for sale, many of which were built recently, will continue to sit on the market unless sellers cut pricing aggressively."

Read more here >>

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New Home Sales Up; Prices Down

The Commerce Department reports that home sales jumped 16% in April while median prices fell at a record pace. New home sales were actually down in the Midwest by 4%. Read the New York Times article published this morning to learn more about what these mixed signals may indicate.