CHICAGO IL REAL ESTATE STATS PACK - April 14, 2008
Good Morning, Everyone!
There seems to be a growing, disturbing trend among those delinquent in their mortgages, facing foreclosure. Some simply walk away from their home! Most of those who consider this radical step have negative equity in their property, and many put little or no money down to begin with. They see fleeing as simple, and a money saver!
According to national loan underwriters Fannie Mae and Freddie Mac, however, simply walking away from your home and home loan can have very serious, lingering credit and tax consequences. These may last for seven years!
Read our post yesterday at BlogChicagoHomes.com, for more details.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, April 14th.
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 April 14th 4,840 64 32 37
w/e April 7th 4,821 69 116 116
% CHANGE +0.3% -7.2% -72.4% -72.4%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e April 14th $274,847 201 DAYS $8,795,111
w/e April 7th $374,278 147 DAYS $43,416,350
% CHANGE -26.6% +36.7% -79.7%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e April 14th - LAST 12 MOS - 15.65 LAST 6 MOS - 25.05 LAST 3 MOS - 28.96
w/e April 7th - LAST 12 MOS - 14.96 LAST 6 MOS - 23.90 LAST 3 MOS - 28.35
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e April 14th - 21.48% (UNSOLD - 78.52%)
w/e April 7th - 22.09% (UNSOLD - 77.91%)
SOURCE: MLSNI, AREA MARKET SURVEY DATA
OBSERVATIONS
Drops in Sold Units, Expired Listings and Sales Volume generally occur during weeks in the middle of the month - but the drop in Volume this past week was very heavy - down nearly 80% over last week. Average Sales Price down over 26 percent in a week - those Just Sold (Contract Pending) fell as well, over 7%. Average Days on Market also jumped this past week - a troubling reading for mid-April.
Absorption Rate crept up a bit this week, to a theoretical market time/inventory of just under 29 months. One month ago, the area Absorption Rate approached 42 months. Percentage of Sale Within Six Month (180 Days) wend down slightly week-to-week.
RATE AND MARKET CHECK
Average 30-Year Fixed Mortgage Rates were unchanged versus last week. Average rates averaged 5.88% for the week ending April 10th - same as for the week ending April 3rd. One year ago, average 30-Year Fixed Mortgage Interest Rates were 6.22%.
"Once again, mortgage rates held relatively steady this week amid release of subdued economic data," said Frank Nothaft, Freddie Mac Vice President and Chief Economist. "For example, pending existing home sales hit the lowest value since its introduction in January 2001, presaging additional weakness in single-family home sales over the upcoming months. Further, the economy lost 80,000 jobs in March, more than the market had anticipated, and the prior two months were revised downward as well."
"Meanwhile, house sales prices have fallen in most metropolitan areas, although there have been price gains in some areas. Just over half of the 150 large cities across the nation experienced negative annual house price growth in 2007, according the National Association of Realtors."
For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.
Call or email us anytime if you'd like detailed statistical and trends data for any Chicago Neighborhood or suburb!
DEAN MOSS & DEAN'S TEAM CHICAGO
