CHICAGO IL REAL ESTATE STATS PACK - June 9, 2008
Good Morning!
More distressing real estate news, we're afraid!
At the end of the First Quarter, 2008, 6.35% of U.S. Homeowners were at least month behind in their mortgage payments. This figure is up 9% from the Fourth Quarter, 2007, and is the worst rate of delinquencies and foreclosures since 1979, according to a survey from the Mortgage Bankers Association released last week.
A very high 0.99% of homeowners were notified of the start of foreclosure proceedings last quarter, versus 0.83% at the end of 2007 - a jump of 19% in new foreclosure filings quarter-over-quarter.
Read our post today at BlogChicagoHomes.com for more details.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, June 9th.
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 June 9th 5,201 72 105 101
w/e June 2nd 5,186 57 93 88
% CHANGE +0.3% +26.3% +12.9% +14.8%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e June 9th $372,456 131 DAYS $39,107,880
w/e June 2nd $300,977 128 DAYS $27,990.919
% CHANGE +23.7% +3.1% +39.7%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e June 9th - LAST 12 MOS - 18.29 LAST 6 MOS - 23.30 LAST 3 MOS - 27.26
w/e June 2nd- LAST 12 MOS - 18.09 LAST 6 MOS - 24.17 LAST 3 MOS - 27.52
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e June 9th - 22.57% (UNSOLD - 77.43%)
w/e June 2nd- 21.93% (UNSOLD - 78.07%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Strong rebounds across the board this week - and that is encouraging!
Listing Inventory was stable over the past week, while Properties Pending Sale jumped sharply - over 26%!. The Average Sales Price for Single Family, Condos, and Small Investment Apartment Buildings - two-four units - rebounded as well, although the average was down considerably last week. Average Market Time continues high.
The number of Sold Properties and Expired Property Listings increased for the second week, even though it is mid-month.
Due to the increase in Average Sales Price, Sales Volume increased nearly 40% last week. Let's see if the trend continues next week.
Absorption Rate, or average inventory turnover, was pretty much stable this past week - but is still high in parts of the City of Chicago. The rate currently stands just over 27.2 months, down just 1% since last Sunday.
Percentage of Sale Within Six Month (180 Days) improved nearly 3/4 percent this past week, to 22.57%. It is still very low, however - reflecting continued high average market times.
RATE AND MARKET CHECK
Average 30-Year Fixed Mortgage Rates were virtually unchanged over the past week. Average rates averaged 6.09% for the week ending June 5th, versus 6.08% for the week ending May 29th. One year ago, average 30-Year Fixed Mortgage Interest Rates were 6.53%.
"Interest rates for fixed-rate mortgages were nearly unchanged this week over reports of continued inflation," said Frank Nothaft, Freddie Mac Vice President and Chief Economist. "Although the gross domestic product grew at a faster rate in the first quarter than originally reported, consumer spending rose only 1 percent, representing the smallest increase since the 2001 recession."
"In addition, the core price deflator was revised downward to an annualized rate of 2.1 percent and remained at that pace in April, but this is still above the Federal Reserve’s stated comfort zone."
For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.
For detailed market trends on any Chicago Neighborhood or Suburb, just call our Team - anytime!
DEAN MOSS & DEAN'S TEAM CHICAGO
