Monday, July 14, 2008
5 Interesting Facts about the Illinois Housing Market
The July Issue of Illinois Realtor Magazine had an interesting article outlining five facts about the
Illinois Housing Market that I thought was worth posting:
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1) There is no "National" real estate market.
Just like there's not a national weather forecast, local housing market conditions vary from place to place.
2) Illinois home values are stable. From 2004 to 2007, the average price of a home increased from $184,900 to $204,000.
In the Chicagoland area, the median price increased 13.9 percent from $223,000 to $254,000. Real estate remains the single
best investment over the long term providing wealth accumulation for those who own their property for at least 6-10 years.
3) Owning a home is a good investment! The average renter's net worth is only about $4,600 while the average homeowner's
net worth is about $171,000. Real estate has delivered the most consistent positive return over any other investment in the
last 40 years.
4) Mortgages are still available at historic lows.
5) Now is a good time to buy. Conditions
for buyers are ideal with large inventories, low rates and great pricing.
Thursday, July 10, 2008
Illinois Foreclosure Filings are Down
Crain's Chicago Business is reporting that Illinois foreclosure filings are down by 16% from
May to June. Illinois has the 13th highest foreclosure rate in the United States. But the worst is not over yet. Rates are
climbing and there are many ARM mortgages that are set to adjust in the next 1-2 years, which means that there will still
be more to come. Nevada had the highest foreclosure rate for the month of June, with one filing per every 122 households,
followed by, not surprisingly, Arizona and California. The U.S. average foreclosure rate is one per 501 households. Illinois
is at one filing per 637 households.
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