CHICAGO IL REAL ESTATE STATS PACK - May 12, 2008
Good Morning, Everyone!
U.S. Home Loan Guarantor and Investor, Fannie Mae, is putting the touches on a new program geared to help those who appear underwater on their home loans - they owe more on their mortgage than the estimated market value of their home today.
The plan would not reduce the amount of outstanding debt on the loan, but would offer options to refinance the existing loan balance at a more affordable fixed rate and for a longer term. The result - lower, more affordable house payments for many.
Read our post today at BlogChicagoHomes.com for who might qualify, and more program specifics.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, May 12th.
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 May 11th 5,109 56 63 41
w/e May 4th 5,024 74 117 74
% CHANGE +1.7% -24.3% -46.2% -44.6%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e May 11th $373,271 174 DAYS $23,516,075
w/e May 4th $330,673 147 DAYS $38,688,840
% CHANGE +12.9% +18.4% -39.2%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e May 11th- LAST 12 MOS - 17.41 LAST 6 MOS - 25.41 LAST 3 MOS - 27.20
w/e May 4th - LAST 12 MOS - 16.86 LAST 6 MOS - 24.98 LAST 3 MOS - 26.97
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e May 11th- 22.47% (UNSOLD - 77.53%)
w/e May 4th - 21.60% (UNSOLD - 78.40%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Active Listing Inventory continues to increase as the weather gets warmer ! Units Pending Sale ("Just Sold") gave back last week's gains, and has not produced a steady, predictable pattern of increase this spring - that concerns us a bit! Sold Units and Sales Volume, as well as Expired Listings, came back down to earth last week - a completely mid-month period. Average Market Time shot back up again next week, and continues at an unacceptably high level.
Absorption Rate, or average inventory turnover, gave back about a point of last week's 5.1% improvement, but is still on a long-term improvement track, it appears, at just north of 27 months. Percentage of Sale Within Six Month (180 Days) improved by 4% this week, but, again, is still very low, reflecting the continued-high Average Market Time on the North and Northwest Sides of Chicago.
RATE AND MARKET CHECK
Average 30-Year Fixed Mortgage Rates were virtually unchanged from last week. Average rates averaged 6.05% for the week ending May 8th, versus 6.06% for the week ending May 1st. One year ago, average 30-Year Fixed Mortgage Interest Rates were 6.21%, and rising slightly, week to week.
"Despite a weak housing market, mortgage rates remained almost unchanged this week based on better-than-expected economic data releases that indicated the economy still has some staying power," said Frank Nothaft, Freddie Mac Vice President and Chief Economist. "Job losses lessened in April and conditions in both the manufacturing and service industry outperformed market forecasts. Worker productivity also rose in the first quarter as increases in labor costs diminished. "
"The housing market is still struggling amid falling house prices and stricter lending standards. Coupled with higher delinquency and foreclosure rates, a smaller share of families own their homes this year. The national homeownership rate held at 67.8 percent in the first quarter of 2008, down from its recent peak of 69.0 percent in the third quarter of 2006 and was the lowest rate since 67.6 percent in the second quarter of 2002, according to the Census Bureau."
For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.
For a play-by-play on what's trending in neighborhoods or communities in which you are interested, call us anytime!
DEAN MOSS & DEAN'S TEAM CHICAGO
