CHICAGO IL REAL ESTATE STATS PACK - August 25, 2008
Good Morning!
For many homeowners, their drop in Home Equity - the amount their house is worth versus their outstanding loan balance - has been devastating! It's even more disastrous for those with Pay Option ARM Loans, popular as recently as a couple of years ago, which allowed borrowers to pay less than the actual loan payment each month. These days, many Option ARM borrowers can barely afford the minimum payment.
In our blog post today at BlogChicagoHomes.com we further examine this problem, and discuss a possible way, using FHA Refinancing, that a homeowner can use to get out from under this problem.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, August 25th.
Communities and clients we serve, reside, or plan to reside, include 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 August 25th 5,259 43 84 46
w/e August 18th 5,260 55 80 58
% CHANGE +-0.0% -21.8% +5.0% -20.7%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e August 25th $398,818 143 DAYS $33,441,925
w/e August 18th $394,483 161 DAYS $31,558,708
% CHANGE +1.1% -11.2% +6.0%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e August 25th - LAST 12 MOS - 19.74 LAST 6 MOS - 19.24 LAST 3 MOS - 28.50
w/e August 18th - LAST 12 MOS - 19.68 LAST 6 MOS - 19.19 LAST 3 MOS - 28.95
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e August 25th - 26.64% (UNSOLD - 73.36%)
w/e August 18th - 26.55% (UNSOLD - 73.45%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
Active Listings have continued their steady run, while Pending Sales continue their mid-summer tumble in the North and Northwest Side Neighborhoods in Chicago we serve.
Closed Sales Volume, Units Sold, and Average Market Time showed improvement this past week. Average Sales Price also improved somewhat.
Absorption Rate, or average inventory turnover, increased 1.6% this week as well, with current inventory in the areas we serve very at 28.5 months now. Percentage of Sale Within Six Month (180 Days) shows another improvement this week.
RATE & MARKET WATCH
Average 30-Year Fixed Mortgage Rates rates fell by 0.5% this past week. Rates averaged, once again, 6.47% for the week ending August 21st. One year ago, average 30-Year Fixed Mortgage Interest Rates were 6.52%. Housing starts and new building permits fell this week as well, according to The Wall Street Journal.
"Even with the current historically affordable mortgage rates, news continues to show signs of weakening in the housing sector," said Frank Nothaft, Freddie Mac Chief Economist. "Housing starts fell to 0.965 million units [annualized] in July, the slowest pace since March 1991. As a result, home-builder confidence remained at an all-time record low in August since the series began in January 1985."
For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.
Call us if you would like detailed market and trends data for any Chicago neighborhood or suburb.
DEAN MOSS & DEAN'S TEAM CHICAGO
