CHICAGO REAL ESTATE STATS PACK - OCTOBER 29, 2007
Good Morning, Everyone!
In their October 24th edition, Crains Chicago Business cited a 27% drop off in homes sales in September, 2007, versus September, 2006. In the North and Northwest Sides of Chicago our Team services most frequently, unit sales dropped 19.5% during the same one-year period. Check out Lil' Buddy's Blog for a summary.
Meanwhile, in Washington, D.C., Congress is considering legislation that would make it easier for frustrated home owners to handle adjusting mortgage payments.
One bill, introduced on October 19th by Minnesota Republican Congressman Norm Coleman, would allow homeowners behind more than 60 days in their mortgage payments to tap, penalty free into their retirement accounts. They would be able to borrow up to $100,000 to bring their payments current, or re-finance into a more affordable loan. The usual 10 percent IRS penalty would be waived so long as the funds are repaid within three years.
Income limits would apply, and the bill would expire in 2009. Only mortgages on owner-occupied properties would be eligible for the tax break.
Here's a look at our Chicago Real Estate Stats Pack for Monday Morning, October 29, 2007. We cover single-family, small-multi family, and condos in Downtown Chicago and the surrounding area.
SINGLE FAMILY, CONDOS, AND SMALL MULTI-UNIT PROPERTIES - NORTH SIDE OF CHICAGO, NORTH OF ADDISON STREET, WEST OF ASHLAND AVENUE
ACTV LISTINGS JUST SOLD CLOSED EXPIRED
w/e October 28th 1,133 46 62 74
w/e October 21st 1,196 53 68 77
% CHANGE -5.3% -13.2% -8.8% -3.9 %
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e October 28th $367,088 124 DAYS $22,759,500
w/e October 21st $354,812 129 DAYS $24,127,268
% CHANGE +3.5% -3.9% -5.7%
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
All of the indicator numbers - Active Listings, Closed Properties, New Contract Pending Listings, and Expired Listings drifted downward this week, as did Average Market Time. Average Sales Price increased slightly - but unlikely this is a continuing trend, according to experts. Total Volume down a bit this week as well - predictable as the weather gets colder.
RATE AND MARKET CHECK
The Average 30-Year Fixed Rate Mortgage fell to 6.33% for the week ending October 26th, 0.07% lower than last week's rate of 6.40% This was the lowest level since September 13th, when 30-year rates were averaging 6.31% . Rates averaged 6.30% this time in 2006.
Frank Nothaft, Vice President and Chief Economist for Freddie Mac, cited concerns over predictions of low economic growth. "How much of a drag the housing slump will be on the economy remains unknown."
For daily news, hot information, and trends, view our Real Estate Update newsletter. Also, visit our National Real Estate News link, via our Web Center - dean-team.com.
Call us for a Custom Market Trends Analysis for your residential or investment property - anytime!
DEAN MOSS
Fearless Leader, Dean's Team . . . serving Downtown CHICAGO, All Chicago Suburbs . . . and YOU!
