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CHICAGO IL REAL ESTATE STATS PACK - July 28, 2008

Good Morning, Everyone!

Foreclosures continue to climb in Cook County, across the State of Illinois, and nationally.  Second Quarter statistics indicate home foreclosures increased nearly 58% in the state of Illinois since the Second Quarter, 2007.  In Cook County, 5,944 properties were added to the foreclosure roles in May.

These high figures, however, are far below the national statistics - across the U.S. 739,714 homes received at least one notice involving foreclosure during the Second Quarter, 2008 - a staggering increase of 121% within the past year.

Review our blog post today at BlogChicagoHomes.com for more details.

Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning,  July 28th.

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 July 28th               5,293                  53                        83                  40

w/e July 21st                5,273                  51                        76                  42

% CHANGE                    +0.4%              +3.9%                  +9.2%              -4.8%

CLOSED PROPERTIES DATA

                              AVG SALE PRICE     AVG DAYS ON MKT     TOTAL VOLUME   

w/e July 28th              $353,747               133 DAYS                      $29,361,050

w/e July 21st               $357,317               187 DAYS                      $27,156,094

% CHANGE                     -1.0%                      -28.9%                             +8.1%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e July 28th - LAST 12 MOS - 19.77   LAST 6 MOS - 19.83     LAST 3 MOS - 28.97

w/e July 21st - LAST 12 MOS - 19.58     LAST 6 MOS - 20.05    LAST 3 MOS - 28.71

PERCENT OF HOMES SELLING IN 180 DAYS - 

w/e July 28th - 25.60% (UNSOLD - 74.40%) 

w/e July 21st - 25.18% (UNSOLD - 74.82%)

SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA

OBSERVATIONS

For the last few weeks, Active Listing Inventory has remained fairly stable, while Average Sales Price has been on a slightly up trend, despite this week's 1% drop.  Trends over the past few weeks show little long-term change in Pending Sales and Closed Listings, gaining back the losses we saw last week.

Average Market Time did improve this week, but is still a high 4.5 months, on average.  Total Sales Volume up a bit - due to slightly higher closed sales, combined with a stable Average Sales Price.

Absorption Rate, or average inventory turnover, again increased, by 0.9%, over the last week.  Remaining stubbornly high, as have homes-for-sale inventories, there is nearly 29 months of active inventory, on average, in the North and Northwest Side Neighborhoods we serve in the City of Chicago!   Percentage of Sale Within Six Month (180 Days) is actually on a slightly up trend over the last few weeks we've checked.

RATE AND MARKET CHECK 

Average 30-Year Fixed Mortgage Rates gave back much of last week's improvement, increasing by 0.37% versus last week.  Rates averaged 6.63% for the week ending July 20th.   One year ago, average 30-Year Fixed Mortgage Interest Rates were 6.69% - just slightly higher than we are today.  Keep in mind, however, the best mortgage rates now only apply to top-tier borrowers, with excellent credit and good down payments.  Last year, a broader cross-section of borrowers qualified for the best rates.

"Market concerns about rising inflation, further weakness in the housing market and greater probability that the Federal Reserve (Fed) will raise short-term rates this year all combined to push mortgage rates higher this week," said Frank Nothaft, Freddie Mac Vice President and Chief Economist. "Some of the key drivers to these concerns were consumer prices jumping 1.1% (annualized) in June -- the largest increase since September, 2005 on a year-over-year basis -- coupled with consumer prices growing at a 5.0% clip (on a year-over-year basis), the strongest since February, 1991."

"Additionally, home prices fell 4.8 percent between May, 2007 and 2008, according to the Office of Federal Housing Enterprise Oversight's Monthly House Price Index. And new construction of one-unit homes fell to 604,000 units (annualized) in June, the slowest pace since January 1991."

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

Call us anytime for detailed market trends anywhere in the City of Chicago or every suburb! 

DEAN MOSS & DEAN'S TEAM CHICAGO

Posted: Sunday, July 27, 2008 4:38 PM by Dean's Team

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