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CHICAGO IL REAL ESTATE STATS PACK - September 29, 2008

Good Morning!

With all that's happening on Wall Street, and with the U.S. Congress putting the finishing touches on a $700 Billion Financial Bailout Package for the nation's lending institutions,   is now a good time to refinance your home loan?

Perhaps . . . if you have very good credit, and at least 20% equity in your home.  Although rates are down, with the Federal Takeover of Mortgage Giants Fannie Mae and Freddie Mac several weeks ago, it is possible interest rates may be further impacted by the Bailout action. 

Read a few things to consider if you're thinking about refinancing now, via our post today at BlogChicagoHomes.com.

Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning,  September 29th.

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 September 29th         5,146                  51                          75                 54

w/e September 22nd        5,142                  49                          59                 65

% CHANGE                         +0.1%             +4.1%                  +27.1%           -16.9%

CLOSED PROPERTIES DATA

                              AVG SALE PRICE     AVG DAYS ON MKT     TOTAL VOLUME   

w/e September 29th    $346,559              156 DAYS                      $25,991,925

w/e September 22nd   $319,037              158 DAYS                      $18,823,186

% CHANGE                     +8.6%                   -1.3%                             +38.1%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e September 29th - LAST 12 MOS - 16.48   LAST 6 MOS - 14.50    LAST 3 MOS - 14.76

w/e September 22nd - LAST 12 MOS - 16.35     LAST 6 MOS - 14.32   LAST 3 MOS - 14.53

PERCENT OF HOMES SELLING IN 180 DAYS - 

w/e September 29th - 35.85% (UNSOLD - 64.15%) 

w/e September 22nd - 36.25% (UNSOLD - 63.75%)

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

OBSERVATIONS

Stability continues with Active Listings, and same stability for Pending Sales  for single family homes, and small multi-family properties in the North and Northwest Side of Chicago NeighborhoodsUnits Closed increased and Expired Listings fell last week - countering last week's moves, but, again, total quantities small here. 

Average Sales Price see-sawed up 8.6% this week.  Average Market Time stable, but remaining at a high plus-five-month level. Based on increases in Units Sold and Average Sales Price, Sales Volume increased again this week - but recent up and down movement in Total Volume figure does not give us confidence this is an established trend.

Absorption Rate, or theoretical time to clear existing listing inventory, climbed slightly to 14.76 months, still definitive of a strong Buyer's Market here, while the Percentage of Sale Within Six Month (180 Days) continued its improving trend.

Here are archived annual Chicago Neighborhood Statistics, including Units Sold and Price Trends Data, for 1992 through 2007, courtesy of The Chicago Association of Realtors.

RATE & MARKET WATCH

Reversing a five-week trend, average 30-Year Fixed Mortgage Rates shot up dramatically last week, perhaps due to uncertainty of the Bailout Plan being debated in Congress.  Rates averaged, 6.09% for the week ending September 25th.  However, rates still compare favorably with those from late September, 2007, when the average 30-Year Fixed Mortgage Interest Rate was 6.42%.  

"Mortgage rates followed Treasury bond yields higher this week amid market uncertainty over the current state of the economy," said Frank Nothaft, Freddie Mac Vice President and Chief Economist. "Compared with last Thursday, 10-year Treasury yields are up about 0.3 percentage points, and 30-year fixed-rate loans moved up about the same amount. And while up, interest rates for 30-year Fixed-Rate Mortgages are still more than 0.5 percentage points below this year’s peak of 6.63 percent set the week of July 24th."

"The latest housing information for the third quarter continues to show some softness in prices and sales activity. House prices fell 5.3 percent over the twelve months ending in July – weaker than the market consensus – according to the Federal Housing Finance Agency’s purchase-only house price index," continued Nothaft.

"During August, the median sales price of existing single-family homes (excluding condominiums and co-ops) fell 9.7 percent in August over August 2007, the largest 12-month drop since records began in 1968, according the National Association of Realtors). Overall resales dipped by 2.2 percent between July and August, on a seasonally-adjusted basis."

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

Call or send us an email if you would like to discuss specific price trends in any Chicago Neighborhood or Suburb.

DEAN MOSS & DEAN'S TEAM CHICAGO

Posted: Sunday, September 28, 2008 3:28 PM by Dean's Team

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