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CHICAGO IL REAL ESTATE STATS PACK - March 31, 2008

Good Morning, Everyone!

In many areas across the U.S., where the housing market has weakened and distressed homeowners abound, conditions are ripe for mortgage fraud scam artists attempting to tap the equity of a homeowner delinquent in her mortgage payments, facing possible foreclosure.  In one such case in California, an unethical "investor" has illegally acquired title of over 100 homes, and fraudulently tapped over $12 Million in home equity

Read our post today here at BlogChicagoHomes.com, for the sad story, and click on the link to Amy Le's Homescape Blog, for more details, and the actual filed indictment.

Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning,  March 31st (coincidently - Opening Day for the Chicago Cubs at Wrigley Field, for the 2008 Championship(?) Season.   

Communities and clients we serve reside, or plan to reside, in the Chicago Neighborhoods of The Chicago Loop, The Gold Coast, River North, Lincoln Park, Lakeview, Uptown, Edgewater, North Center, Lincoln Square, Albany Park, Ravenswood, Wicker Park, and Bucktown. 

Also, these Great Chicago Neighborhoods:  Logan Square, Rogers Park , West Ridge, Portage Park, Jefferson Park, Norwood Park, Sauganash, Edgebrook, and Edison Park.   Plus All Chicago Suburbs

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 March 31st          4,709                  68                124              36

w/e March 23rd         4,628                  59                  55               63

% CHANGE                 +1.8%              +15.3%         +125.5%         -42.9%

CLOSED PROPERTIES DATA

                              AVG SALE PRICE     AVG DAYS ON MKT     TOTAL VOLUME   

w/e March 31st             $319,715                 172 DAYS                  $39,644,746

w/e March 23rd            $371,512                 158 DAYS                  $20,433,193

% CHANGE                      -13.9%                      +9.0%                         +94.0%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e March 31st - LAST 12 MOS - 14.87     LAST 6 MOS - 25.32     LAST 3 MOS -  33.38

w/e March 23rd - LAST 12 MOS - 14.52      LAST 6 MOS - 26.42     LAST 3 MOS - 41.91

PERCENT OF HOMES SELLING IN 180 DAYS - 

w/e March 31st - 21.35% (UNSOLD - 78.65%) 

w/e March 23rd - 20.36% (UNSOLD - 79.05%)

SOURCE:  MLSNI, AREA MARKET SURVEY DATA

OBSERVATIONS

We are very encouraged by improving figures for Properties Pending Sale, Sold Units, and Expired Listings last week.  Average Sale Price gave back last week's nearly 15% gain, while Sales Volume, of properties that went under contract several weeks ago, nearly doubled!    Average Days on Market gave back most of last week's 10% gain. 

All the while, Active Listings remained fairly steady this could indicate both fewer units are coming on new to market now, but also that the inventory of Active Listings is being reduced by properties going under contract, or closing.  Lower inventory, with declining Average Sales Prices, could be the needed mechanism to bring our Chicago Real Estate Market closer to balance.

Absorption Rate fell substantially last week - down over 20%, to a theoretical market time/inventory of just over 33 months, from a nearly 42 month inventory last week.  Still very high, but moving quickly in the right direction - possibly indicating a move to better supply/demand balance on the North and Northwest Sides of Chicago.  Percentage of Sale Within Six Month (180 Days) edged up a bit - to 21.35% of listed properties selling within a six month time frame - up a full percent from last week. 

RATE AND MARKET CHECK 

Average 30-Year Fixed Mortgage Rates dropped slightly, by only 0.02% last week.  Average rates averaged 5.85% for the week ending March 27th, versus an average 5.87% last week.   This week last year, average 30-year fixed mortgage rates were 6.16%.  Please note:  rates appear attractive, but stricter underwriting guidelines mean only those with top credit get to take advantage of them.  Those with average credit, or below average, are now being hit with 1/8 to 1/4 percent rate surcharges, often higher fees, and larger down payment requirements. 

"Long-term mortgage rates were mixed, but relatively unchanged in the past week as the latest economic indicators came in much as expected," said Frank Nothaft, Freddie Mac Vice President and Chief Economist. "For instance, the index of leading indicators continued to fall for the fifth straight month while consumer confidence reached a 5-year low."

"On the housing front, house prices keep declining across the nation. The S&P/Case-Shiller Home Price Index was the most recent to document the drop in prices, reporting a decline of 2.3 percent in from December to January in its 10-City Composite Index and a cumulative decline of 11.4 percent from January a year ago. Lower prices improve affordability and the National Association of Realtors reported that its home affordability index was at the highest level in nearly five years, contributing to a pickup in existing home sales in February."

For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.

Please call for specific trends information for any neighborhood you are considering.

DEAN MOSS & DEAN'S TEAM CHICAGO

Posted: Sunday, March 30, 2008 3:38 PM by Dean's Team

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