CHICAGO REAL ESTATE STATS PACK - DECEMBER 31, 2007
Good Morning, Everyone!
Wow - just one more day left in 2007 - didn't the year fly by?
The Real Estate Market took a hit in the media this past year, much attributable to the credit market turmoil, property inventory near record-high levels in Chicago and in other areas, and the smaller pool of credit-qualified buyers to purchase resale and new inventory.
There is a bit of good news, however, for many of those who took out low down payment loans involving Private Mortgage Insurance this year: Congress has extended income tax deductibility on PMI Premiums, due to run out today, through 2010.
This could impact thousands across the country, many of whom pay as much as $150 per month for Mortgage Insurance - sometimes more! The deduction extension will apply to families with an Adjusted Gross Income of $100,000 or less - although those with Adjusted Gross Incomes as high as $109,000 will qualify for a partial deduction.
Please review our posting earlier today on BlogChicagoHomes.com, as well as Mary Umberger's comments in her column in today's Sunday Chicago Tribune, for more information.
Here is a look at our Chicago Real Estate Stats Pack for New Year's Eve, Monday Morning, December 31, 2007. We cover single-family, small-multi family, and condos in Downtown Chicago and the entire Chicago IL 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 December 30th 4,261 20 45 64
w/e December 23rd 4,452 25 90 83
% CHANGE -4.3% -20.0% -50.0% -22.9%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e December 30th $317,367 145 DAYS $14,281,516
w/e December 23rd $359,609 117 DAYS $32,364,735
% CHANGE -11.6% +23.9% -55.9%
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
Historically, the week between Christmas and New Years Days is the slowest week of the year - although many who elect to close before 2008 begins might bump up next weeks numbers - stay tuned. We need to monitor Chicago Real Estate Market Activity in the first few weeks of the New Year to see if it is beginning to pick up a little steam, despite predictions to the contrary.
RATE AND MARKET CHECK
Average 30-Year Fixed Mortgage Rates increased again for the week ending December 27th, as T-Bond yields crept higher. The average rate last week was 6.17%, versus the previous week's average of 6.14%. This week in December, 2006, rates average 30 year fixed rates - 6.18%. Rates continue to be quite low, and practically unchanged from last year levels.
"Stronger consumer spending and an increase in the core price deflator in November caused long-term bond yields to inch up over the end of last week and beginning of this week, with mortgage rates following," said Frank Nothaft, Freddie Mac vice president and chief economist. "House prices continued to decline in October, falling nearly 16 percent (annualized), and represented the fifteenth consecutive monthly decline, according the Standard & Poor's/Case-Shiller® 20-city composite index."
"Seventeen of the twenty metropolitan areas displayed negative growth from October, 2006. Falling house prices and tightened credit standards will likely slow consumer spending somewhat over the near term."
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.
All of us on our Team wish you a Happy, Healthy, and Prosperous New Year! Stay Safe!
DEAN MOSS & DEAN'S TEAM CHICAGO
